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05 July 2010

Chancellor appoints Dr Martin Weale as external member of the Monetary Policy Committee

The Chancellor today announced that Dr Martin Weale has been appointed to succeed Kate Barker as external member on the Monetary Policy Committee. The appointment will take effect in time for Dr Weale to participate in the August MPC meeting and the forecast round leading up to it.

The Chancellor said:

“I am delighted that Dr Weale has agreed to join the Monetary Policy Committee. His experience of economic forecasting and data analysis derived from fifteen years as Director of the National Institute for Economic and Social Research will be extremely valuable to the Committee.”

Notes for editors

  1. Dr Martin Weale has been Director of the National Institute of Economic and Social Research (NIESR) since 1995. Dr Weale was appointed CBE for his services to Economics in 1999 and was elected an Honorary Fellow of the Institute of Actuaries in 2001. In 2006 he was appointed to the Board of Actuarial Standards. City University awarded him an honorary degree in 2007.
  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 outside 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. Kate Barker’s position on the MPC was advertised in the media in May 2010. Thirty-eight applications for the position were received, of which four were from women. A panel comprising Dave Ramsden and Jonathan Taylor from the Treasury and Professor Tim Besley, external member to the MPC 2006-9, interviewed a number of candidates and made recommendations to the Chancellor, which informed his decision. 
  4. Dr Weale will take up his position on the MPC in time for the August meeting. His involvement in NIESR forecasting processes and policy comment will cease with immediate effect, though Dr Weale will continue to be involved in the management of NIESR to ensure an orderly transition as his successor is appointed.
  5. Future vacancies on the Monetary Policy Committee will continue to be advertised.

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