Citigroup economist to be UK rate setter

Category: Finance 6 0

Citigroup economist Michael Saunders is to replace Martin Weale as one of the nine members on the Bank of England’s interest rate-setting Monetary Policy Committee (MPC), the Treasury has said.

He will take over from Mr Weale, who often voted for higher interest rates, on 9 August.

UK chancellor George Osborne said Mr Saunders would be “a strong addition”.

Earlier this week the MPC voted to keep rates at their record low, where they have been for more than seven years.

Mr Saunders is currently the head of european economics at the US-based bank Citigroup, where he has worked for more than 25 years.

Mark Carney, Governor of the Bank of England, said: “On behalf of the Bank of England, I am delighted to welcome Michael Saunders to the Monetary Policy Committee.

“He brings first-rate knowledge of the UK economy and a wealth of economic and financial experience.”

He also thanked Martin Weale for his work on the MPC over the past six years.

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