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Big blunder puts Brown on warpath.

CHANCELLOR Gordon Brown has launched a top-level probe over a blunder that cost thousands of jobs.

In June the Bank of England increased interest rates after receiving incorrect figures in a report from the Office of National Statistics.

It said that wage rises were running at more than five per cent and threatening to push up inflation.

But last week it was revealed that the ONS had got its figures wrong and average earnings were only going up by around 4.5 per cent.

Economists say that if the Bank of England had had that information it could have cut interest rates instead.

That could have saved scores of companies.

Bank of England Governor Eddie George is also reported to be furious at the blunder.

A Treasury source said: "Heads will roll."
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Publication:The People (London, England)
Date:Oct 18, 1998
Words:132
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