1 Introduction
Background
1. This Report concerns the appointment
of Dr Ben Broadbent as a Deputy Governor of the Bank of England
with effect from 1 July 2014. He will be the Deputy Governor with
responsibility for Monetary Policy. That role means that he will
sit on the Monetary Policy Committee (MPC), the Financial Policy
Committee (FPC), and the Court of the Bank of England. He will
chair the MPC in the Governor's absence.[1]
2. In our Report in November 2010 on
the Appointment of Dr Martin Weale to the Monetary Policy Committee
of the Bank of England, we stated that we would follow previous
practice and continue to use the criteria of professional competence
and personal independence against which to consider appointees
to the MPC.[2] Similarly,
in our Report on the Appointments of Dame Clara Furse, Richard
Sharp, and Martin Taylor to the Financial Policy Committee we
continued the practice of using the criteria of professional competence
and personal independence for appointments to the FPC.[3]
We have done so again for this appointment. But Dr Broadbent's
responsibilities as Deputy Governor range wider than just these
two roles, so we have examined some of those other responsibilities
as well.
3. We took evidence from Dr Ben Broadbent
on Wednesday 11 June 2014. He provided a CV and answered our questionnaire
prior to giving oral evidence. We thank Dr Broadbent for his evidence.
Current vacancy
4. The current vacancy for Deputy Governor
of the Bank of England with responsibility for Monetary Policy
arose from the departure of Dr Charles Bean, who was appointed
as Deputy Governor on 1 July 2008. We would like to thank Dr Bean
for his work on the Monetary Policy Committee.
1 HM Treasury, Chancellor announces three senior
Bank of England appointments, published 18 March 2014 Back
2
Treasury Committee, Second Report of Session 2010-12, Appointment
of Dr Martin Weale to the Monetary Policy Committee of the Bank
of England, HC 475-I, para 4 Back
3
Treasury Committee, First Report of Session 2013-14, Appointments
of Dame Clara Furse, Richard Sharp, and Martin Taylor to the Financial
Policy Committee, HC 224-I, para 6 Back
| 
