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MPC to get first female member since 2010

  • by GARETH MACKIE
 

The Bank of England’s monetary policy committee (MPC) is to get its first female member in four years, following concerns from governor Mark Carney that the gender imbalance among rate-setters was “striking”.

Nemat Shafik, who has been deputy managing director of the International Monetary Fund since 2011, joins the Bank in August, taking up the new role of deputy governor for markets and banking.

The MPC has not had a female member since economist Kate Barker stepped down in May 2010.

The central bank also announced today that MPC member Ben Broadbent will become deputy governor for monetary policy in July, replacing Charlie Bean who is leaving after 14 years of service.

In addition, Anthony Hagbood – chairman of Costa and Premier Inn owner Whitbread – has been named chairman of the Bank’s court of directors, succeeding Sir David Lees.

Chancellor George Osborne said: “I am delighted to announce the appointment of three such highly qualified and experienced people to join the Bank’s already excellent executive team.

“Their impressive experience of business, economics and international finance will strengthen and diversify the Bank’s top team and enable them to continue to face Britain’s ongoing economic challenges from a position of strength.”

In a further shake-up among MPC members, Spencer Dale is to be replaced by Andy Haldane on the rate-setting committee in June as they swap jobs.

Dale will take over Haldane’s role as executive director for financial stability, while Haldane will become chief economist and executive director for monetary analysis.

 

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