The Chancellor of the Exchequer has today announced the re-appointment of Martin Weale as an external member of the Monetary Policy Committee (MPC).
Martin Weale’s first term on the MPC will expire on 31 July 2013. His second term will start on 1 August 2013, and end on 31 July 2016.
The Chancellor said:
Martin has been a very effective member of the MPC throughout his first term. His knowledge of the UK economy has proved invaluable through a challenging period.
I am very glad that Martin will continue on the MPC for a further term, and am confident that his expertise will remain an asset.
Notes for Editors
Martin Weale has been an external member of the Monetary Policy Committee since August 2010. He was appointed by the Chancellor following an external appointment process. Prior to this role, he was Director of the National Institute of Economic and Social Research (NIESR) for fifteen years.
He was formerly a lecturer in Economics at the University of Cambridge and a Fellow of Clare College. For two years after graduating, Martin Weale worked as an Overseas Development Institute Fellow at the National Statistics Office in Malawi.
Weale was appointed CBE for his services to Economics in 1999 and was elected an Honorary Fellow of the Institute of Actuaries in 2001. Cambridge University, from which he graduated with a BA in Economics in 1977, awarded him an ScD in Economics in 2006. He received an honorary doctorate from City University in 2007. Between 2000 and 2008 Martin Weale was a member of the Statistics Commission.
The MPC makes decisions about the operation of monetary policy. It comprises the Governor of the Bank of England, the two deputy Governors, two members of the Bank with responsibility in the Bank for monetary policy and market operations and four outside members with relevant expertise who are 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.