Learning from the Wise People

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This paper describes the origins and work of the Panel of Independent Forecasters which was set up by the UK Chancellor of the Exchequer, Norman Lamont, in the aftermath of the UK’s departure from the Exchange Rate Mechanism in 1992.

The Panel was required to provide forecasts of the UK economy and was also invited to comment on policy developments and to provide recommendations. The Panel’s forecasts, its analysis of wider economic issues and its policy advice are discussed. Comments on its contribution to UK policy-making are put forward.

Document Type: Original Article

DOI: http://dx.doi.org/10.1111/1467-9957.67.s1.2

Affiliations: Monetary Policy Committee, Bank of England

Publication date: January 1, 1999

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