Treasury Committee Press Notice

APPOINTMENT OF PROFESSOR DAVID MILES AS AN EXTERNAL MEMBER OF THE MONETARY POLICY COMMITTEE OF THE BANK OF ENGLAND

At its meeting today (Thursday 2 July) the Treasury Committee agreed its Tenth Report of Session 2008-09 entitled, Appointment of Professor David Miles to the Monetary Policy Committee of the Bank of England (HC 765).

Following the Committee's meeting to adopt the Report, the Chairman of the Committee, John McFall MP, said:

"In order to avoid market uncertainty, I am announcing today, with the Treasury Committee's agreement, that the Report to be published at the beginning of next week has unanimously endorsed the appointment of Professor David Miles, with one qualification: The Committee noted that Professor Miles has retained his role as a non-executive director of the FSA whilst taking up his new post as an external member of the MPC. There is an existing formal statutory link between the FSA and the Bank of England at Deputy Governor level so this is a departure from this arrangement. The Committee has therefore recommended that both institutions should consider the potential conflicts and benefits which might arise from cross-membership beyond Deputy Governor level and report back to the Treasury Committee before the next MPC meeting. We are satisfied that Professor Miles fulfils our two criteria for appointment to the Monetary Policy Committee of professional competence and personal independence, subject to that one qualification."

The Committee's Report will be published on Monday 6 July at 11.00 am on its web site. The uncorrected transcript of the evidence taken today will also be available on the Committee's website in due course.

The Committee will hold a hearing on Tuesday 14 July at 9.30 am in the Thatcher Room, Portcullis House on the appointment of Adam Posen to the Monetary Policy Committee.

FURTHER INFORMATION:

Committee Membership is as follows: Rt Hon John McFall (Chairman), Nick Ainger, Mr Graham Brady, Mr Colin Breed, Jim Cousins, Mr Stephen Crabb, Mr Michael Fallon (Sub-Committee Chairman), Ms Sally Keeble, Mr Andrew Love, John Mann, Mr George Mudie, John Thurso, Mr Mark Todd, Sir Peter Viggers.

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