The Chancellor of the Exchequer today announced that Ian McCafferty has been appointed to succeed Adam Posen as an external member on the Monetary Policy Committee (MPC). The appointment will take effect on 1 September 2012.
The Chancellor said:
“I am delighted that Ian has agreed to join the Monetary Policy Committee. His broad professional experience in business and industry, as well as his knowledge of the UK economy, will be extremely valuable to the Committee in dealing with the challenges it faces now and in the future.”
It was announced in May that Adam Posen will not be seeking another three year term on the MPC, but instead would be taking up the position of Director at the Peterson Institute. He is therefore leaving the MPC at the end of his term.
The Chancellor has thanked Adam Posen for his service on MPC:
“I would like to wish Adam congratulations on his new position. I am sorry that he will be leaving the MPC, but understand his reasons for doing so. Adam has made a significant contribution to monetary policy making and analysis during his three years on the Committee.”