BoE publishes IEO evaluation of horizon scanning

The BoE has published the results of the Independent Evaluation Office’s evaluation of whether it uses horizon scanning effectively to inform decision making. The evaluation was commissioned by the BoE Court of Directors in December 2023.

The review found that the BoE is proactive in horizon scanning, and most areas have made an explicit choice on whether and how to use it. However, there was considerable variation in the tools used, as well as the underlying concept of and rationale for horizon scanning across different teams. The current approach was decentralised and heterogenous, effectively serving locally identified needs well and allowing technical expertise to be deployed to support those needs. Again, efforts were not always fully joined up across different areas and there were inefficiencies on some cross-cutting issues.

Overall, the review made the following three recommendations:

• Develop a shared definition of horizon scanning and clarify how it can help the BoE achieve its mission;
• Create effective organisational architecture to support horizon scanning; and
• Foster a culture and community that supports effective horizon scanning.