Haldane described the lack of foresight among the economic community to prepare for both the financial meltdown in 2008 and the Brexit vote as a "Michael Fish moment". This was in reference to the U.K. weather forecaster's famous blunder in which, during a live broadcast, he dismissed the possibility of a hurricane hitting the south of England in 1987. Hours later the hurricane struck the south coast of England and caused widespread destruction and casualties.
"I think, near-term, the data, the evidence we've been accumulating since the referendum, has surprised to the upside. [There's been] greater resilience, in particular among consumers and among the housing market, than we had expected. Has that led us to fundamentally change our view on the fortunes of the economy looking forward over the next several years? Not really," Haldane concluded.
Haldane is not the first to lament the crisis within economics, billionaire financier George Soros called for new thinking as "the entire edifice of global financial markets has been erected on the false premise that markets can be left to their own devices." In 2009, Soros pledged $50 million to fund the Institute for New Economic Thinking, which has a star-studded economic advisory board that includes, Joseph Stiglitz, Kenneth Rogoff and Jeffrey Sachs.
Britain's central bank has maintained its view that the economic performance of the U.K. is likely to deteriorate once formal negations for the U.K. to divorce from the EU begin. Theresa May, U.K. prime minister, has pledged to trigger article 50 in March 2017.