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06 July 2012

Ian McCafferty appointed to Monetary Policy Committee

The Chancellor today announced that Ian McCafferty has been appointed to succeed Adam Posen as external member on the Monetary Policy Committee. The appointment will take effect on 1 September 2012.

The Chancellor said:

“I am delighted that Ian has agreed to join the Monetary Policy Committee. His broad professional experience in business and industry, as well as his knowledge of the UK economy, will be extremely valuable to the Committee in dealing with the challenges it faces now and in the future.”

It was announced in May that Adam Posen will not be seeking another three year term on the MPC but instead would be taking up the position of Director at the Peterson Institute, he is therefore leaving the MPC at the end of his term.

The Chancellor has previously thanked Adam Posen for his service on the Monetary Policy Committee:

“I would like to wish Adam congratulations on his new position, I am sorry that he will be leaving the MPC but understand his reasons for doing so. Adam has made a significant contribution to monetary policy making and analysis during his three years on the Committee.”

Notes for editors

1. Ian McCafferty has been Chief Economic Adviser at the Confederation of British Industry, since 2001. He was formerly Head of Macroeconomics at BP plc and Director of International Economics for Natwest Markets. He has a degree in Economics from the University of Durham and a Post-graduate Diploma in European Economics from the University of Amsterdam.

2. The Monetary Policy Committee makes decisions about the operation of monetary policy. It 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 external members with relevant expertise who are appointed by the Chancellor. The appointment of external members is designed to ensure that the MPC benefits from thinking and expertise in addition to that gained inside the Bank of England.

3. The vacancy for Adam Posen’s position on the MPC was advertised in the media in May 2012. Twenty-nine applications for the position were received, of which 7 were from women. The Government would like to see a greater number of women apply for future appointments and will continue to encourage them to do so.

4. A panel comprising Dave Ramsden and Tom Scholar from the Treasury and Kate Barker, external member to the MPC 2001-10, interviewed a number of candidates and made recommendations to the Chancellor, which informed his decision.

5. Future vacancies on the Monetary Policy Committee will continue to be advertised.

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