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The Chancellor yesterday (Tuesday 28 July) announced that Dr Gertjan Vlieghe has been appointed as external member of the Monetary Policy Committee (MPC).
Dr Vlieghe will be appointed for an initial three year term which will take effect from 1st September 2015.
As an external member of the MPC, Dr Vlieghe will hold one of nine votes to decide the future path of UK monetary policy.
The MPC meets monthly to set monetary policy it judges will enable the inflation target to be met.
The Chancellor of the Exchequer, George Osborne, said:
Monetary policy plays a critical role in our long term economic plan, delivering economic security to working people.
Dr Vlieghe is an economist of outstanding ability who brings experience from his time at both the Bank of England and the financial services industry to the role and will be a strong addition to the MPC.
Dr Vlieghe replaces Professor David Miles who comes to the end of his extended second term at the end of August.
Professor Miles was first appointed to the MPC on 1 June 2009 and has made a significant contribution to monetary policy making and analysis during his six years on the committee.
In announcing the recruitment process for Professor Miles’ successor in May, the Chancellor said:
I also want to put on record my thanks to David Miles for his service to the MPC, which has benefited enormously from both his expertise and insightful contributions during his time in office.
