Bank of England policymaker: We probably won`t forecast the next crisis - live updates
(The Guardian Greece)

All the day´s economic and financial news, including reaction to last night´s Greek bailout agreement, new UK public finances, and Bank of England governor Mark Carney at parliamentLatest: MPC member: Our models can´t be infallible BoE´s chief economist defends `Michael Fish´ commentsUK public finances show big January surplusFrench bonds under more pressureEurozone growth at near six-year highThe agenda: Greece agrees to discuss more reforms 11.22am GMT Now Jacob Rees-Mogg, Conservative MP and persistent thorn in the Bank of England´s side, takes over the questioning.He congratulates Andy Haldane on his `extraordinarily interesting` `speech and interview last month (on Michael Fish forecasting errors). But he´s concerned that Haldane thinks that the Bank would have taken the same monetary policy decisions, even if it had better forecasting. 11.15am GMT Conservative MP Chris Phelp makes the Bank of England look a little silly...Q: Your chart on page 31 of the quarterly inflation report shows that long-term inflation expectations are around 3%, so doesn´t that mean that the financial markets don´t believe price rises are transitory? 11.05am GMT Onto inflation, which is poised to jump over the Bank´s target of 2%.Ian McCafferty says we are getting `close´ to the limit of how much inflation overshoot can be tolerated. 11.01am GMT The Bank policymakers may be losing patience with the committee.... Carney points out that they´ve spend an hour fielding questions about forecasting the past, and not touched on the issues facing the economy in the future.Tyrie agrees that the session is running behind schedule, and suggests that the BoE provide shorter answers! 10.59am GMT John Mann MP isn´t impressed.... pointing out that the Bank of England hasn´t changed its forecasting to address the massive changes in house ownership in the UK. Q: Aren´t you behind the times when it comes to assessing consumer behaviour? 10.54am GMT Chief economist Andy Haldane now hits back against ...