PART 1

The Bank of England

Governance

Monetary Policy Committee: membership
7
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.
S. 7 in force at 6.7.2016 by S.I. 2016/627, reg. 2(1)(h)