MPC Membership since establishment
The MPC came into existence immediately after the
Chancellor's announcement of 6 May 1997 and first met over 5-6
June 1997. Under the Bank of England Act 1998 all the then serving
members were formally (re) appointed as of 1 June 1998. The Governor
and Deputy Governors are members of the MPC for 5 years concurrent
with their terms of office. All other members are appointed for
3 year terms although some were initially shorter so as to stagger
the end points.
From 6 May 1997 Eddie George (Governor) and Howard
Davies (Deputy Governor) became de facto members of the
interim MPC. On 14 May 1997 Mervyn King (Executive Director, Monetary
Analysis), Ian Plenderleith (Executive Director, Financial Markets
and Operations) are appointed by the Court of the Bank of England.
From 2 June 1997 Willem Buiter and Charles Goodhart are appointed
to the interim MPC.
At first meeting 56 June 1997, the interim
MPC comprises: The Governor, Howard Davies, Mervyn King, Ian
Plenderleith, Willem Buiter, Charles Goodhart.
31 July 1997: Howard Davies leaves to become
the Chairman of FSA
1 September 1997: David Clementi appointed Deputy
Governor to replace Howard Davies.
DeAnne Julius joins the interim MPC.
16 November 1997: Alan Budd joins the interim MPC.
1 June 1998: John Vickers becomes Executive Director,
Monetary Analysis and joins the MPC as Mervyn King is appointed
Deputy Governor for Monetary Policy and David Clementi becomes
Deputy Governor for Financial Stability under the Bank of England
Act 1998 which comes into force on 1 June.
At this point the MPC comprises: The Governor,
Mervyn King, David Clementi, Ian Plenderleith, John Vickers, Alan
Budd, Willem Buiter, Charles Goodhart, DeAnne Julius.
1 June 1999: Sushil Wadhwani replaces Alan Budd.
1 June 2000: Steve Nickell and Chris Allsopp replace
Willem Buiter and Charles Goodhart.
1 October 2000: Charlie Bean replaces John Vickers
as Executive Director, Monetary Analysis.
MONETARY POLICY COMMITTEE MEMBERSHIP
AS OF 22/01/01
The Committee comprises: Terms
The Rt Hon Sir Edward George 1
July 199830 June 2003
Two Deputy Governors
Mr Mervyn King 1 June 199831
Mr David Clementi 1 September
199731 August 2002
Two Bank Executive Directors
Mr Ian Plenderleith 1
June 199931 May 2002 (second term)
Mr Charlie Bean 1 October
200031 May 2001
Four experts appointed by the Chancellor
Mr Christopher Allsopp 1
June 200031 May 2003
Dr DeAnne Julius 1 June 199831
Prof. Steve Nickell 1 June
200031 May 2003
Dr Sushil Wadhwani 1 June
199931 May 2002