Published January 06, 2017
The Bank of England's chief economist says forecasters got it wrong when they predicted a sharp economic downturn if Britain voted to leave the European Union.
Andy Haldane says the country's strong economic performance since the June referendum has been a surprise, and the economic forecasting profession "is to some degree in crisis."
Before the referendum, many forecasters said a vote to leave the EU could cause the pound to fall by as much as 20 percent and push the economy back into recession.
The pound did plummet, but other economic indicators remain strong.
Speaking Thursday at an Institute for Government event, Haldane said it was impossible to predict how the economy would fare after Britain leaves the 28-nation bloc, because that depends on two years of complex exit negotiations.