Saunders will join the nine-strong interest rate setting team on a three year term as an ‘external member’ – meaning he won’t work for the Bank of England full-time.
Citibank economist Michael Saunders will replace Martin Weale on the Monetary Policy Committee in August.
Saunders will join the nine-strong interest rate setting team on a three year term as an ‘external member’ – meaning he won’t work for the Bank of England full-time.
Saunders is head of European economics at Citibank and has been at the bank for over 25 years.
Weale’s second term in office will end on 8 August.
Mark Carney, Governor of the Bank of England, said: “On behalf of the Bank of England, I am delighted to welcome Michael Saunders to the Monetary Policy Committee. He brings first-rate knowledge of the UK economy and a wealth of economic and financial experience.
“I would also like to take this opportunity to thank Martin Weale for the exceptional contribution he has made to the work of the Monetary Policy Committee over the past six years.”
Chancellor George Osborne said: “Michael brings a wealth of economic experience both on the UK and global economy and will make a strong addition to the MPC.
“I also want to put on record my thanks to Dr Martin Weale for his record of outstanding service to the MPC since 2010, and whose perspective, expertise and insightful contributions have been invaluable during his time in office.”
