TO Sir Mervyn King, the Governor of the Bank of England who defended the Bank's record of inaccurate forecasts of inflation rates by saying, The forecasts will inevitably be wrong. We don't pretend to have a crystal ball to predict the future. The Bank has repeatedly projected that inflation would fall back to its 2 per cent target but the latest correct figure has consistently underestimated inflation for the past four years.
A BIG BOO...