The Chancellor today (Friday 15 April) announced Michael Saunders has been appointed as external member of the Monetary Policy Committee (MPC).
Michael will be appointed for an initial three year term which will take effect from 9 August 2016.
Michael Saunders will replace Dr Martin Weale who comes to the end of his second term of office on 8 August 2016.
As an external member of the MPC, Michael Saunders will hold one of nine votes to decide the future path of UK monetary policy. The MPC currently meets monthly to set monetary policy it judges will enable the inflation target to be met.
The Chancellor of the Exchequer, George Osborne said:
I am delighted to appoint Michael Saunders as an external member of the Monetary Policy Committee at the Bank of England.
Michael brings a wealth of economic experience both on the UK and global economy and will make a strong addition to the MPC.
I also want to put on record my thanks to Dr Martin Weale for his record of outstanding service to the MPC since 2010, and whose perspective, expertise and insightful contributions have been invaluable during his time in office.
About Michael Saunders
Michael Saunders is currently a Managing Director and Head of European Economics at Citigroup where he has worked for over 25 years, gaining wide ranging experience on UK economic issues as well as on the global outlook.
Michaels career at Citigroup began in 1990, prior to which he worked briefly as an economist at Greenwell Montagu (now HSBC) and the Institute for Fiscal Studies.
He studied Econometrics at the London School of Economics.
About the MPC
The Monetary Policy Committee makes decisions about monetary policy.
The Committee is made up of nine members the Governor, the Deputy Governors for Monetary Policy and Financial Stability, two members appointed by the Governor (currently the Deputy Governor for Markets and Banking and the Banks Chief Economist) and four external members 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.
With this appointment the full list of MPC members from 9 August will be:
- Mark Carney (Governor)
- Ben Broadbent (Deputy Governor, Monetary Policy)
- Dame Minouche Shafik (Deputy Governor, Markets and Banking)
- Sir Jon Cunliffe (Deputy Governor, Financial Stability)
- Andy Haldane (Executive Director, Monetary Analysis and Chief Economist)
- Kristin Forbes (external member)
- Ian McCafferty (external member)
- Gertjan Vlieghe (external member)
- Michael Saunders (external member).
About the appointment
The vacancy for this position on the MPC was advertised on 1 February, closing on 25 February. Twenty three applications were received, of which four were from women.
A panel comprising Sir Dave Ramsden and Charles Roxburgh from the Treasury and Dame Kate Barker, external member of the MPC 2001-10, interviewed a number of candidates and made recommendations to the Chancellor, which informed his decision.
Future vacancies on the Monetary Policy Committee will continue to be advertised in the usual way.