| Appointment to the monetary policy committee |
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| Wednesday, 30 January 2008 | |
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The Chancellor has written to the chairman of the Treasury Select Committee providing further details of the reforms to the Monetary Policy Committee appointments process announced by the Government in the summer.
In future, the Treasury will, as far as possible, publish a timetable for appointment of an external MPC member before a vacancy becomes available on the Committee and announce details of who it has decided to appoint, in sufficient time to be consistent with allowing the Treasury Select Committee three months for their pre-commencement hearings. In the event that the Chancellor decides to reappoint an external member to serve a further term, this intention will, where circumstances permit, be announced sufficiently in advance of expiration of that member's current term. Reappointed members will undergo a pre-commencement hearing in the same way that new members will, ensuring that all members, both new and incumbent, are subject to regular Parliamentary scrutiny. In keeping with these reforms, and in order to allow the Treasury Select Committee adequate time to plan for a pre-commencement hearing, the Chancellor has also announced that Dr Andrew Sentance is to be reappointed when his current term of office expires on 31 May 2008. Sentance was appointed to the Monetary Policy Committee with effect from 1 October 2006. Before that he was chief economist and head of environmental affairs at British Airways, advising on global economic developments, corporate strategy and regulatory issues. Between 2002 and 2006 he was responsible for developing BA environmental and corporate responsibility policies. He joined BA in January 1998 from London Business School, where he was director of the Centre for Economic Forecasting. Previous positions held include head of Economic Policy (1986-88) and director of Economic Affairs (1989-93) at the Confederation of British Industry (CBI). Dr Sentance was a founder member of the Treasury's Panel of Independent Forecasters which provided advice to the Chancellor under the last Government. He has also acted as a government adviser on official statistics and corporate social responsibility. He was educated at Eltham College, Cambridge University (Clare College), and the London School of Economics, where he gained his PhD. He holds visiting professorships at Royal Holloway, University of London, and Cranfield University and is a former Chairman of the Society of Business Economists. Related articles Related links |
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