The Bank of England has admitted it made errors in its forecasting of UK inflation, and said it has some 'very big' lessons to learn over how it decides monetary policy.Policymakers faced criticism during a Treasury Committee meeting over the failure to predict a prolonged rise in inflation, driven by higher-than-expected food prices.

The Bank of England has admitted it made errors in its forecasting of UK inflation, and said it has some 'very big' lessons to learn over how it decides monetary policy.Policymakers faced criticism during a Treasury Committee meeting over the failure to predict a prolonged rise in inflation, driven by higher-than-expected food prices.