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March 7, 2011    

Ben Broadbent to joins Monetary Policy Committee

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by Kay Mitchell

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

Mr Broadbent, a Goldman Sachs economist, will assume his position in time for the June rate-setting meeting and replaces Andrew Sentance after his term ends on 31 May.

Broadbent’s research at Goldman has suggested there will be three 25 basis point rate hikes for 2011 and a further four next year.

Meanwhile, Mr Sentance has been a lone voice on the MPC for several months now, electing to lift interest rates to combat stubbornly high inflation.

Commenting on his appointment, Chancellor George Osborne said: “His [Broadbent] professional experience in the financial sector and academia, as well as his detailed knowledge of the UK economy, will be extremely valuable to the Committee.”

Meanwhile, Mr Osborne thanked Andrew Sentance for his “original analysis and many other invaluable contributions to the debate”.

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

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