Appointment to the Monetary Policy Committee

The Chancellor has today announced to the House of Commons the appointment of David Walton to the Bank of England’s Monetary Policy Committee (MPC) to succeed Marian Bell. This appointment will take effect on 1 July 2005.
The Chancellor said:

“I am delighted that David Walton has agreed to join the Monetary Policy Committee. David is one of the UK’s leading business economists and is a highly respected commentator on economic affairs in Parliament and more widely. He brings a wealth of practical experience and expertise to the Committee.

“I would also like to pay tribute to Marian Bell for her excellent contribution in her three years to the Committee. She has played a key role in making the MPC a continuing success in entrenching monetary stability.”

Notes for editors

1. David Walton is Chief European Economist for the US investment bank, Goldman Sachs. He joined Goldman Sachs from HM Treasury in 1987 and he became a managing director in 1998. David is a regular advisor on UK monetary and fiscal policy issues to the House of Commons Treasury Committee. He is Chairman of the Society of Business Economists and a Fellow of the Royal Society of Arts. He has published numerous articles in academic journals and other publications on a range of economic issues. He holds a masters degree in economics from the University of Warwick and a bachelors degree from the University of Durham.
2. Marian Bell’s current term of office ends on 31 May 2005. She has agreed to stay on at the Committee until 30 June 2005, at which point David Walton will be appointed with effect to 31 May 2008.

3. The Monetary Policy Committee makes operational decisions on interest rate policy. The Committee comprises the Governor of the Bank of England, the two deputy Governors, two members of the Bank with responsibility in the Bank for monetary policy and market operations and four outside members with relevant expertise who are appointed by the Chancellor. The Chancellor announced the establishment of the MPC as part of the new framework for monetary policy on 6 May 1997.

4. Members of the MPC are appointed to the Bank staff. However they may engage, with the permission of the Chancellor, in outside activities that do not present a conflict of interest.

5. Media enquiries should be addressed to Marie-Anne Davies in the Treasury press office on 020 7270 5946. Further information can be obtained from the Bank of England Press Office on 020 7601 4411.

6. Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk.

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