Bank of England to hold review into its economic forecasts

LONDON (Reuters) - The Bank of England plans to hold an externally-led review into how it forecasts the economy, according to a letter published by a parliamentary committee on Wednesday.

The chair of the Bank of England's Court of Directors, David Roberts, wrote that the directors had "decided to commission a broad review into the Bank's forecasting and related processes during times of significant uncertainty".

"The Governor and I are currently working through how best to commission the review, including in due course the Terms of Reference and associated resourcing," he added.

Some members of parliament's Treasury Committee have criticised the BoE for failing to forecast the scale and duration of last year's surge in inflation.

(Reporting by David Milliken, Editing by Kylie MacLellan)