LONDON (MNI) – The cross-party parliamentary Treasury Select
Committee on Wednesday gave its approval to the appointment of Ian
McCafferty to the Bank of England’s Monetary Policy Committee, following
a lengthy evidence session with him Tuesday.
The TSC said McCafferty, who worked prevously as Chief Economic
Adviser to the Confederation of British Industry, met its criteria for
appointment to the MPC. These criteria are professional competence and
personal independence.
McCafferty was grilled by the TSC over whether he would continue to
act a lobbyist for industry while working on the MPC, but he strongly
rejected the idea. He started work on the committee this month.
The TSC conducts appointment hearings for all members of the MPC.
It has no legal power to block any appointment, but if it were to object
to any member this would be an embarrassment for both the Bank and the
Treasury, which nominates the external MPC members.
–London newsroom: 4420 7862 7491 e:mail: drobinson@marketnews.com
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