Bank of England Monetary Policy Committee member Kate Barker will step down when her term ends on May 31, but chief economist Spencer Dale will be reappointed to the MPC for another three years. Britain's finance ministry said on Friday that Barker, who has served on the MPC since 2001, will not seek reappointment for a fourth term, and that there would probably be a short vacancy on the MPC as the post would only be advertised once a new parliament was elected.
Under the Banking Act 2009, which has recently come into force, MPC members are limited to serving two terms. "I would like to take this opportunity to thank Kate for the major contribution she has made since she joined the Committee," said finance minister Alistair Darling.
"During this period, her perspective has been extremely valuable, both to the work of the Monetary Policy Committee and also to the Government through the independent reviews she has completed on housing supply and land use planning." As chief economist, Dale's appointment to the MPC is within the BoE's power, while Barker is one of four external members appointed by the finance ministry.
Comments
Comments are closed.