Monetary Policy, Data Uncertainty and the Supply-Side: Living With the Statistical Fog - Speech by Marian Bell to the Society of Business Economists

It is inevitable that official statistics, especially in timely first releases, are subject to significant uncertainty and revision, Marian Bell, a member of the Bank of England's Monetary Policy Committee, said on Wednesday.
Published on 15 September 2004

"The Monetary Policy Committee recognises that revisions are inevitable. Indeed, in so far as they bring us to a better understanding of the underlying reality, we welcome them," Bell said. "And it is incumbent on us, collectively and individually, to try and make the best decision possible each month in the light of the information available to us at the time and our interpretation of it."

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