2 The re-appointment to the Budget
Responsibility Committee of Professor Stephen Nickell
Background on Professor Stephen
Nickell
4. Professor Nickell has been a member of the
Budget Responsibility Committee (BRC) since 2010. For part of
that period, Professor Nickell was also Warden of Nuffield College,
Oxford, where he was in post from 2006 until 2012. Prior to that
he was School Professor of Economics at the London School of Economics
from 1998 to 2005. He was also an external member of the Monetary
Policy Committee of the Bank of England from 2000 to 2006. He
was President of the Royal Economics Society from 2001 to 2004,
and has been a Vice-President since 2004. He has published widely
on a variety of topics in economics. In 2007 he was awarded a
CBE for his services to economics. While on the BRC, he will also
be the Chair of the Houblon-Norman/George Fund Advisory Committee,
which recommends appointments to various Bank of England Fellowships,
Chair of the Advisory Board of the ESRC Centre for Microdata Methods
and Practice, and an Advisor to the LSE Promotions Committee on
promotions in the LSE economics department. He will also lecture
to Masters students at Oxford University.
Our evidence
5. In oral evidence, we questioned Professor
Nickell on his suitability to be reappointed as a member of the
Budget Responsibility Committee. We particularly focussed on the
current macroeconomic environment, and his previous work at the
OBR. Particular topics we questioned Professor Nickell on included:
- The principle and practicalities
of OBR involvement in costing political parties' policies before
an election;
- Evaluation of his own performance on the BRC;
- The OBR's role in aiding public understanding
of the limitations forecasting;
- The OBR's forecasting record;
- The prospects for the recovery;
- The risks for the UK economy from a potential
US default;
- Sterling and net trade;
- The forecast for net borrowing by households;
- Evaluating previous costings;
- Forward guidance in monetary policy; and
- The Help to Buy scheme and the housing market.
Conclusions
6. Having considered his oral
and written evidence, and taking into account his previous appearances
before the Treasury Committee, we are satisfied that Professor
Stephen Nickell has the professional competence and personal independence
to be reappointed as a member of the Budget Responsibility Committee.
We therefore consent to his appointment. We wish him every success
in his continuing role.
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