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Monetary Policy Committee

Volume 481: debated on Monday 27 October 2008

To ask the Chancellor of the Exchequer what process is followed for appointment of members of the Monetary Policy Committee. (229516)

I refer the hon. Gentleman to the 1998 Bank of England Act, Section 13 and Schedule 3, paragraphs 1-9.

Further to this, the Chancellor and the Prime Minister have made several additional announcements on the appointments process for members of the Monetary Policy Committee.

The Government made two announcements regarding the process of making external appointments to the MPC in summer 2007. I refer the hon. Gentleman to the Pre-Budget Report 2007 (cm7227), Chapter 2 paragraphs 2.8 and 2.9, for a description of these changes:

http://www.hm-treasury.gov.uk/d/pbr_csr07_chapter2_197.pdf

On 19 June 2008, the Chancellor wrote to the Chair of the Treasury Select committee detailing a further set of changes to appointments process. These are described in the Treasury press release on this matter:

http://www.hm-treasury.gov.uk/press_65_08.htm