Chart of the week: consistently bad calls from central banks

UK GDP and central bank forecastInvestors and politicians place enormous faith in central banks and their predictions, says The Economist’s Buttonwood blog. But these institutions “don’t know what is going on any more than the investor consensus does”.

As this chart shows, the Bank of England has consistently overestimated UK growth since 2007. To be fair, the European Central Bank’s track record is no better.