The Bank of England published the terms of reference for a review of its economic forecasting on September 25. The review, led by former Federal Reserve chair Ben Bernanke, is a response to criticism that it missed the recent inflationary spike.

The UK central bank announced it would launch a review in May, and Ben Bernanke to lead it in late July. The BoE’s Independent Evaluation Office will assist the review.

The terms of reference acknowledge that BoE economists and the monetary policy