Bank of England should have seen signs of global economic weakness

It was obvious interest rates would not rise for some time - and it is concerning that the Bank seems not to have realised this

When you miss the goal, shift the posts. That is the Bank of England's standard procedure as it tries to convince businesses and households that it can read the path of economic recovery and indicate when the next interest rate change is coming.

But this tactic, aired again on BBC radio on Friday by the Bank's deputy governor, Nemat Shafik, is delivering diminishing returns and can hardly be considered part of a winning strategy.

Related: Bank of England deputy governor says focus on date of rate rise is misleading