Monetary Policy Committee

Bank of England Act 1998MPCBank of England independenceBEA 1998Shadow Monetary Policy Committee
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom (the Bank of England Base Rate).wikipedia
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Governor of the Bank of England

GovernorGovernor, Bank of EnglandGovernors of the Bank of England
Under the Bank of England Act 1998 the Bank's Governor must write an open letter of explanation to the Chancellor of the Exchequer if inflation exceeds the target by more than one percentage point in either direction, and once every three months thereafter until prices are back within the allowed range.
The Governor of the Bank of England is also Chairman of the Monetary Policy Committee, with a major role in guiding national economic and monetary policy, and is therefore one of the most important public officials in the United Kingdom.

Bank of England

The Bank of EnglandBankAsset Purchase Facility
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom (the Bank of England Base Rate).
The Bank's Monetary Policy Committee has a devolved responsibility for managing monetary policy.

Quantitative easing

credit easingQEQE3
It is also responsible for directing other aspects of the government's monetary policy framework, such as quantitative easing and forward guidance.
At its meeting in November 2009, the Monetary Policy Committee (MPC) voted to increase total asset purchases to £200 billion.

Chancellor of the Exchequer

ChancellorSecond Lord of the TreasuryChancellors of the Exchequer
Under the Bank of England Act 1998 the Bank's Governor must write an open letter of explanation to the Chancellor of the Exchequer if inflation exceeds the target by more than one percentage point in either direction, and once every three months thereafter until prices are back within the allowed range.
Under the Bank of England Act 1998 the chancellor has the power of appointment of four out of nine members of the Bank's Monetary Policy Committee – the so-called 'external' members.

United Kingdom

BritishUKBritain
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom (the Bank of England Base Rate).
Since 1997 the Bank of England's Monetary Policy Committee, headed by the Governor of the Bank of England, has been responsible for setting interest rates at the level necessary to achieve the overall inflation target for the economy that is set by the Chancellor each year.

Deputy Governor of the Bank of England

Deputy GovernorDeputy Governor (Markets and Banking)Deputy Governor, Bank of England
Since then, however, the role of Deputy Governor has been split and redefined three times (by the Bank of England Act 1998, the Financial Services Act 2012 and again in 2014), such that, as of May 2016, there are four Deputy Governors (Sir Jon Cunliffe, Ben Broadbent, Sam Woods and Sir David Ramsden).

Consumer Price Index (United Kingdom)

Consumer Price IndexCPIUK CPI
The Committee comprises nine members, including the Governor (from 2013 Mark Carney), and is responsible primarily for keeping the Consumer Price Index (CPI) measure of inflation close to a target set by the government (2% per year as of 2019).
On election in May 1997, the new Labour government handed control over interest rates to the politically independent Bank of England Monetary Policy Committee.

Gordon Brown

BrownJames Gordon BrownMr. Brown
On 6 May 1997, operational responsibility to set interest rates was granted to the independent Bank of England by the Chancellor of the Exchequer, Gordon Brown.
On taking office as Chancellor of the Exchequer Brown gave the Bank of England operational independence in monetary policy, and thus responsibility for setting interest rates through the Bank's Monetary Policy Committee.

Economy of the United Kingdom

British economyUK economyUnited Kingdom
On the first day of the three, the Committee studies data relating to the UK economy, as well as the worldwide economy, presented by the Bank's economists and regional representatives, and topics for discussion are identified and addressed.
The Bank of England is the UK's central bank, and since 1997 its Monetary Policy Committee has been responsible for setting interest rates, quantitative easing, and forward guidance.

Financial Policy Committee

Financial
The MPC meets eight times a year, including four joint meetings with the Financial Policy Committee.
The Financial Policy Committee (FPC) is an official committee of the Bank of England, modelled on the already well established Monetary Policy Committee.

Mervyn King, Baron King of Lothbury

Mervyn KingSir Mervyn KingThe Lord King of Lothbury
However, the financial crisis of 2007–08 ended this period of stability, and, on 16 April 2007, the governor (at that time Mervyn King), was obliged to write the first MPC open letter to the chancellor (Gordon Brown), explaining why the inflation had deviated from the target of 2% per year by more than one percentage point (3.1%).
An ex-officio member of the bank's interest-rate setting Monetary Policy Committee since its inception in 1997, King took part in its monthly meetings.

Ben Broadbent

Benjamin Broadbent
He had previously been an external member of the Bank of England's Monetary Policy Committee between June 2011 and June 2014.

Official bank rate

Bank of England base rateinterest ratesBank rate
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom (the Bank of England Base Rate).
Changes are recommended by the Monetary Policy Committee and enacted by the Governor.

Alan Budd

Sir Alan BuddAlan Peter Budd
Sir Alan Peter Budd (born 16 November 1937) is a prominent British economist, who was a founding member of the Bank of England's Monetary Policy Committee (MPC) in 1997.

Charles Goodhart

C. A. E. GoodhartCharles Albert Eric GoodhartGoodhart, Charles
He was a member of the Bank of England's Monetary Policy Committee from June 1997 to May 2000 and a professor at the London School of Economics (1985–2002, Emeritus Professor since 2002).

Andrew Large

Sir Andrew LargeAndrew McLeod Brooks Large
Sir Andrew McLeod Brooks Large (born 7 August 1942) was Deputy Governor of the Bank of England, and a member of its Monetary Policy Committee from September 2002 to January 2006.

Jon Cunliffe

Sir Jon CunliffeJonathan Stephen CunliffeJonathan Stephen Cunliffe, CB
He took up the role in November 2013 and is an ex officio member of the Bank's Financial and Monetary Policy Committees and its Court of Directors.

Michael Saunders (economist)

Michael Saunders
In August 2016 he became an external member of the Bank of England's Monetary Policy Committee, replacing Martin Weale.

Paul Tucker (banker)

Paul TuckerSir Paul Tucker
He was formerly the Deputy Governor of the Bank of England, with responsibility for financial stability, and served on the Bank's Monetary Policy Committee from June 2002 until October 2013 and its interim and then full Financial Policy Committee from June 2011.

Rachel Lomax

Janis Rachel Lomax (born 15 July 1945) is a British economist, banker, and former government official who served as Deputy Governor of the Bank of England, sitting on the Monetary Policy Committee from 1 July 2003 to 30 June 2008.

Andrew Sentance

Dr Andrew Sentance
He was an external member of the Monetary Policy Committee of the Bank of England from October 2006 to May 2011.

John Gieve

Sir John GieveEdward John Watson Gieve(Edward) John Watson Gieve, C.B.
Sir Edward John Watson Gieve, KCB (born 20 February 1950) is a former British civil servant, who served as Deputy Governor for Financial Stability of the Bank of England and an ex officio member of the Monetary Policy Committee from 2006 to 2009.

Marian Bell (economist)

Marian Bell
Marian Patricia Bell (born 28 October 1957) is a British consultant economist, and was a member of the Bank of England's Monetary Policy Committee from June 2002 to June 2005.

Sushil Wadhwani

Sushil Baldev Wadhwani
Sushil Baldev Wadhwani (born 7 December 1959 ) was a member of the Bank of England's Monetary Policy Committee from June 1999 to May 2002.

Ian Plenderleith

Ian Plenderleith (born 27 September 1943) was a member of the Bank of England's Monetary Policy Committee from June 1997 to May 2002.