Paul Dales, chief UK economist at Capital Economics, said the report would do little to help to inform the public on how far and fast interest rates would be cut in the coming months. He said it was a “shame” that Bernanke had not called for a full-blown shake-up of the MPC, where ratesetters would have to provide their views on where policy was heading. “Projecting interest rates would be the clearest way for the Bank to communicate what it thinks is required to hit the 2 per cent inflation target. It’s a shame that it appears it won’t go the whole hog,” he said.
