Better Data Brings a Renewal at the Bank of England

A venerable banking institution is using data in new ways to refine its view of the UK economy.

By Michael Fitzgerald

May 26, 2016

The Bank of England, one of the world’s oldest and most influential central banks, has made analytics excellence a key pillar of its mission to promote economic stability within the United Kingdom. Like other central banks, the Bank has relied on data and analytics to formulate policy recommendations. But, since 2008 when it regained its status as a regulator, the Bank has begun using its access to new forms of data to increase its insights and forecasting abilities about the British economy.

Introduction

In June 2014, the Bank of England — one of the world’s oldest ...