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The Bank of England is using Facebook and Twitter to help set interest rates
When you're the central bank in charge of determining interest rates for millions of UK inhabitants, being able to predict economic trends is of paramount importance. To do this, the Bank of England has numerous tools at its disposal, but research often depends on assessing trends from the past. In an attempt to become a little more timely, the Bank has set up a special taskforce that will begin scraping internet searches and social networks like Facebook and Twitter for clues about the state of Britain's economy at any given time.
