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The Chancellor has today written to the Chairman of the Treasury Select Committee providing further details of the reforms to the MPC appointments process announced by the Government in the summer.
In future, the Treasury will, as far as possible, publish a timetable for appointment of an external MPC member before a vacancy becomes available on the Committee and announce details of who it has decided to appoint, in sufficient time to be consistent with allowing the Treasury Select Committee three months for their pre-commencement hearings.
In the event that the Chancellor decides to reappoint an external member to serve a further term, this intention will, where circumstances permit, be announced sufficiently in advance of expiration of that member's current term. Reappointed members will undergo a pre-commencement hearing in the same way that new members will, ensuring that all members, both new and incumbent, are subject to regular Parliamentary scrutiny.
In keeping with these reforms, and in order to allow the Treasury Select Committee adequate time to plan for a pre-commencement hearing, the Chancellor has also today announced that Dr Andrew Sentance is to be reappointed when his current term of office expires on 31 May 2008.
The Chancellor said:
"I am pleased that Andrew Sentence has agreed to serve a second term on the MPC. His expertise will continue to be a huge asset to economic policy making."
