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New member for Bank of England monetary policy committee

Xinhua, April 15, 2016 Adjust font size:

A new member has been appointed to the committee of the Bank of England (BOE) that sets the interest rate, it was revealed on Friday.

The new member of the BOE's Monetary Policy Committee (MPC), Michael Saunders, is currently managing director and head of European economics at Citigroup, an American investment bank, where he has worked for over 25 years.

Saunders was appointed by a government committee which considered applications for the post.

Mark Carney, BOE governor, said Saunders would bring "first-rate knowledge of the UK economy and a wealth of economic and financial experience" to his work with the MPC.

Saunders replaces Martin Wheale, the former director of the National Institute of Economic and Social Research (NIESR), as one of four lay members on the nine-member MPC, which meets monthly to set the Bank Rate.

Saunders will take up his post on the MPC in August. Endit