PART 1The Bank of England

Governance

I17Monetary Policy Committee: membership

1

Section 13 of the Bank of England Act 1998 (Monetary Policy Committee) is amended as follows.

2

In subsection (2)—

a

after paragraph (aa) insert—

aaa

the Deputy Governor for markets and banking,

b

in paragraph (b) for “2 members” substitute “ one member (to be known as the Chief Economist of the Bank) ”.

3

For subsection (3) substitute—

3

The member appointed under subsection (2)(b) shall be a person who carries out monetary policy analysis within the Bank.

4

For subsection (4) substitute—

4

Before appointing a person under subsection (2)(c) the Chancellor of the Exchequer must—

a

be satisfied that the person has knowledge or experience which is likely to be relevant to the Committee's functions, and

b

consider whether the person has any financial or other interests that could substantially affect the functions as member that it would be proper for the person to discharge.