Goldman Sachs economist Ben Broadbent is set to join the Bank of England’s Monetary Policy Committee (MPC), replacing outspoken member Andrew Sentance.
Sentance has often been seen as a dissenting voice in the MPC – the committee that meets monthly to set the central bank’s interest rate policy. For several months he has voted to increase the base rate in an effort to tackle inflation, but was outvoted on each occasion by other members of the nine-member committee.
Many will be keen to see if Ben Broadbent follows suit when he takes up his post with the committee at their June meeting. Some analysts have pointed to his support for the government’s tough budget cuts as evidence that Broadbent’s views may match his predecessor’s.
Chancellor of the Exchequer George Osborne said: “I am delighted that Ben Broadbent has agreed to join the Monetary Policy Committee. His broad professional experience in the financial sector and academia, as well as his detailed knowledge of the UK economy, will be extremely valuable to the Committee.”
He also thanked Andrew Sentance for his “original analysis and many other invaluable contributions to the debate”.
