Martin Weale joins Monetary Policy Committee

The Treasury has today announced Martin Weale will join the Bank of England’s Monetary Policy Committee (MPC).

Mr Weale will assume his position in time for next month’s rate-setting meeting and replaces Kate Barker after her term ended on 31 May.

Consequently, the Bank’s June meeting only comprised eight members but it will resume to the traditional nine members next month.

Mr Weale is one of four external members appointed by the Government and for the past decade and a half has been in charge of the National Institute of Economic and Social Research (NIESR) – an influential think tank which provides regular updates on economic trends.

Commenting on his appointment, David Page, an economist at Investec, said: “It’s a surprise it has taken this long for him [Martin Weale] to be appointed to the MPC.”

Mr Weale was appointed by Chancellor George Osborne who said he was “delighted” that he had agreed to join the Committee and said he will be “extremely valuable“ to the nine-strong team.

The Committee comprises Mervyn King, Charles Bean, Paul Tucker, Spencer Dale, Paul Fisher, Andrew Sentance, David Miles and Adam Posen.

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