Information about Monetary Policy Committee
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets every month to decide the official interest rate in the United Kingdom. It comprises:
Meetings are held on a Wednesday and Thursday, typically following the first Monday of each month but this is sometimes deviated from in order to interact with the quarterly inflation report process and to take into account other major commitments or to occur when there are relatively less data announcements. The interest rate decisions are announced at noon immediately following the Thursday meeting. Minutes of each meeting, which explain the reasons for the decision and list the votes of each member, are published on the Bank's website after a two-week delay.
In each meeting, the committee studies data relating to the UK economy, as well as the worldwide economy, presented by the Bank's economists and regional representatives. Decisions are made with a primary aim of price stability, defined by the government's inflation target, set each year in the Budget (since January 2004 the target has been 2% on the Consumer Price Index). The secondary aim of the committee is to support the government's economic policies, and targets for growth and employment.
Under the Bank of England Act 1998 the Bank's Governor must write an open letter of explanation to the Chancellor if inflation exceeds the target by more than one percentage point in either direction. On April 16,2007, Mervyn King, wrote the first such open letter in the life of the MPC to Gordon Brown, explaining why the inflation reached 3.1 %, one point beyond the target 2 %. (BBC News)
Traditionally, it was the Treasury that set interest rates. On May 6, 1997, the Bank was granted operational responsibility to set interest rates by Gordon Brown, who was at that time the Chancellor of the Exchequer, and the guidelines for this were formally laid out in the Bank of England Act 1998. The government reserves the right to instruct the Bank on what rate to set in times of emergency.
Mervyn King, the Bank of England’s current Governor, is the only MPC member to have taken part in every meeting since 1997. Kate Barker is the only external member to date to have been appointed for three terms.
Budget (from french bougette) generally refers to a list of all planned expenses and revenues. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs
..... Click the link for more information.
- The Governor of the Bank
- The two Deputy Governors
- The Bank's Chief Economist
- The Executive Director for Market Operations
- Four external members, appointed by the Chancellor of the Exchequer for a renewable three year term
Meetings are held on a Wednesday and Thursday, typically following the first Monday of each month but this is sometimes deviated from in order to interact with the quarterly inflation report process and to take into account other major commitments or to occur when there are relatively less data announcements. The interest rate decisions are announced at noon immediately following the Thursday meeting. Minutes of each meeting, which explain the reasons for the decision and list the votes of each member, are published on the Bank's website after a two-week delay.
In each meeting, the committee studies data relating to the UK economy, as well as the worldwide economy, presented by the Bank's economists and regional representatives. Decisions are made with a primary aim of price stability, defined by the government's inflation target, set each year in the Budget (since January 2004 the target has been 2% on the Consumer Price Index). The secondary aim of the committee is to support the government's economic policies, and targets for growth and employment.
Under the Bank of England Act 1998 the Bank's Governor must write an open letter of explanation to the Chancellor if inflation exceeds the target by more than one percentage point in either direction. On April 16,2007, Mervyn King, wrote the first such open letter in the life of the MPC to Gordon Brown, explaining why the inflation reached 3.1 %, one point beyond the target 2 %. (BBC News)
Traditionally, it was the Treasury that set interest rates. On May 6, 1997, the Bank was granted operational responsibility to set interest rates by Gordon Brown, who was at that time the Chancellor of the Exchequer, and the guidelines for this were formally laid out in the Bank of England Act 1998. The government reserves the right to instruct the Bank on what rate to set in times of emergency.
Membership
To date, 19 men and 4 women have served on the MPC. They are:- Sir Edward George (June 1997 – June 2003)
- Howard Davies (June – July 1997)
- Mervyn King (June 1997 – 30 June 2008)
- Willem Buiter (June 1997 – May 2000)
- Charles Goodhart (June 1997 – May 2000)
- Ian Plenderleith (June 1997 – May 2002)
- David Clementi (September 1997 – August 2002)
- DeAnne Julius (September 1997 – May 2001)
- Sir Alan Budd (December 1997 – May 1999)
- Sir John Vickers (June 1998 – September 2000)
- Sushil Wadhwani (June 1999 – May 2002)
- Christopher Allsopp (June 2000 – May 2003)
- Stephen Nickell (June 2000 – 31 May 2006)
- Charles Bean (October 2000 – 31 May 2010)
- Kate Barker (June 2001 – 31 May 2010)
- Paul Tucker (June 2002 – 31 May 2008)
- Marian Bell (June 2002 – June 2005)
- Sir Andrew Large (September 2002 – January 2006)
- Richard Lambert (June 2003 – March 2006)
- Rachel Lomax (1 July 2003 – 30 June 2008)
- David Walton (1 July 2005 – 21 June 2006)
- Sir John Gieve (16 January 2006 – 15 January 2011)
- David Blanchflower (1 June 2006 – 31 May 2009)
- Tim Besley (1 September 2006 – 31 August 2009)
- Andrew Sentance (1 October 2006 – 30 September 2009)
Mervyn King, the Bank of England’s current Governor, is the only MPC member to have taken part in every meeting since 1997. Kate Barker is the only external member to date to have been appointed for three terms.
External links
- Official homepage of the MPC
- Spreadsheet showing MPC votes since 1997
- Monetary Policy Committee Minutes
)
Bank of England
The Bank of England
Headquarters London
Coordinates Coordinates:
Governor Mervyn King
Central Bank of United Kingdom
Currency Pound sterling
..... Click the link for more information.
The Bank of England
Headquarters London
Coordinates Coordinates:
Governor Mervyn King
Central Bank of United Kingdom
Currency Pound sterling
..... Click the link for more information.
This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.
You can assist by [ editing it] now. A how-to guide is available, as is general .
This article has been tagged since February 2007.
..... Click the link for more information.
You can assist by [ editing it] now. A how-to guide is available, as is general .
This article has been tagged since February 2007.
..... Click the link for more information.
Motto
"Dieu et mon droit" [2] (French)
"God and my right"
Anthem
"God Save the Queen" [3]
..... Click the link for more information.
"Dieu et mon droit" [2] (French)
"God and my right"
Anthem
"God Save the Queen" [3]
..... Click the link for more information.
The Governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the Bank, with the incumbent grooming his or her successor.
..... Click the link for more information.
..... Click the link for more information.
The Chancellor of the Exchequer is the title held by the British Cabinet minister responsible for all economic and financial matters. Often simply called The Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of
..... Click the link for more information.
..... Click the link for more information.
Taxation in the United Kingdom
This article is part of the series:
Politics and government of
the United Kingdom
Central government
taxation
HM Treasury
HM Revenue and Customs
Income tax
..... Click the link for more information.
This article is part of the series:
Politics and government of
the United Kingdom
Central government
taxation
HM Treasury
HM Revenue and Customs
Income tax
..... Click the link for more information.
Year £/USD USD/£ Stdev £/XEU XEU/£ Stdev
1990 £0.5633 $1.775 £0.7161 1.397
1991 £0.5675 $1.762 £0.7022 1.424
1992 £0.5699 $1.755 £0.7365 1.358
1993 £0.6663 $1.501 £0.7795 1.283
1994 £0.
..... Click the link for more information.
1990 £0.5633 $1.775 £0.7161 1.397
1991 £0.5675 $1.762 £0.7022 1.424
1992 £0.5699 $1.755 £0.7365 1.358
1993 £0.6663 $1.501 £0.7795 1.283
1994 £0.
..... Click the link for more information.
Inflation is measured as the growth of the money supply in an economy, without a commensurate increase in the supply of goods and services. This results in a rise in the general price level as measured against a standard level of purchasing power.
..... Click the link for more information.
..... Click the link for more information.
Inflation is measured as the growth of the money supply in an economy, without a commensurate increase in the supply of goods and services. This results in a rise in the general price level as measured against a standard level of purchasing power.
..... Click the link for more information.
..... Click the link for more information.
For the rental car company, see .
Budget (from french bougette) generally refers to a list of all planned expenses and revenues. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs
..... Click the link for more information.
20th century - 21st century - 22nd century
1970s 1980s 1990s - 2000s - 2010s 2020s 2030s
2001 2002 2003 - 2004 - 2005 2006 2007
2004 by topic:
News by month
Jan - Feb - Mar - Apr - May - Jun
..... Click the link for more information.
1970s 1980s 1990s - 2000s - 2010s 2020s 2030s
2001 2002 2003 - 2004 - 2005 2006 2007
2004 by topic:
News by month
Jan - Feb - Mar - Apr - May - Jun
..... Click the link for more information.
A consumer price index (CPI) is an index number measuring the average price of consumer goods and services purchased by households. It is one of several price indices calculated by national statistical agencies. The percent change in the CPI is a measure of inflation.
..... Click the link for more information.
..... Click the link for more information.
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets every month to decide the official interest rate in the United Kingdom. It comprises:
..... Click the link for more information.
- The Governor of the Bank
- The two Deputy Governors
- The Bank's Chief Economist
..... Click the link for more information.
The Governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the Bank, with the incumbent grooming his or her successor.
..... Click the link for more information.
..... Click the link for more information.
A letter is a written message from one person to another. The role of letters in communication has changed significantly since the 19th century. Historically, letters were the only reliable means of communication between two persons in different locations.
..... Click the link for more information.
..... Click the link for more information.
April 16 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining.
..... Click the link for more information.
Events
..... Click the link for more information.
20th century - 21st century - 22nd century
1970s 1980s 1990s - 2000s - 2010s 2020s 2030s
2004 2005 2006 - 2007 - 2008 2009 2010
2007 by topic:
News by month
Jan - Feb - Mar - Apr - May - Jun
..... Click the link for more information.
1970s 1980s 1990s - 2000s - 2010s 2020s 2030s
2004 2005 2006 - 2007 - 2008 2009 2010
2007 by topic:
News by month
Jan - Feb - Mar - Apr - May - Jun
..... Click the link for more information.
Mervyn Allister King (born March 30 1948) is Governor of the Bank of England. He succeeded Sir Edward George on June 30 2003.
King studied at Wolverhampton Grammar School, King's College, Cambridge (gaining a first class degree in economics in 1969), St John's College,
..... Click the link for more information.
King studied at Wolverhampton Grammar School, King's College, Cambridge (gaining a first class degree in economics in 1969), St John's College,
..... Click the link for more information.
Editing of this page by unregistered or newly registered users is currently disabled until (UTC) due to vandalism.
If you are prevented from editing this page, and you wish to make a change, please discuss changes on the talk page, request unprotection, log in, or
..... Click the link for more information.
If you are prevented from editing this page, and you wish to make a change, please discuss changes on the talk page, request unprotection, log in, or
..... Click the link for more information.
May 6 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining.
..... Click the link for more information.
Events
- 1527 - Spanish and German troops sack Rome; some consider this the end of the Renaissance.
..... Click the link for more information.
20th century - 21st century
1960s 1970s 1980s - 1990s - 2000s 2010s 2020s
1994 1995 1996 - 1997 - 1998 1999 2000
Year 1997 (MCMXCVII
..... Click the link for more information.
1960s 1970s 1980s - 1990s - 2000s 2010s 2020s
1994 1995 1996 - 1997 - 1998 1999 2000
Year 1997 (MCMXCVII
..... Click the link for more information.
Editing of this page by unregistered or newly registered users is currently disabled until (UTC) due to vandalism.
If you are prevented from editing this page, and you wish to make a change, please discuss changes on the talk page, request unprotection, log in, or
..... Click the link for more information.
If you are prevented from editing this page, and you wish to make a change, please discuss changes on the talk page, request unprotection, log in, or
..... Click the link for more information.
The Chancellor of the Exchequer is the title held by the British Cabinet minister responsible for all economic and financial matters. Often simply called The Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of
..... Click the link for more information.
..... Click the link for more information.
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets every month to decide the official interest rate in the United Kingdom. It comprises:
..... Click the link for more information.
- The Governor of the Bank
- The two Deputy Governors
- The Bank's Chief Economist
..... Click the link for more information.
Sir Edward Alan John George, Baron George, GBE, PC, DL (born 16 September 1938), known as Eddie George, or "Steady Eddie", was Governor of the Bank of England from 1993 to 2003.
..... Click the link for more information.
..... Click the link for more information.
Sir Howard Davies is the present Director of the London School of Economics and Political Science.
He was educated at Manchester Grammar School, Merton College, Oxford, and Stanford Graduate School of Business.
..... Click the link for more information.
He was educated at Manchester Grammar School, Merton College, Oxford, and Stanford Graduate School of Business.
..... Click the link for more information.
Mervyn Allister King (born March 30 1948) is Governor of the Bank of England. He succeeded Sir Edward George on June 30 2003.
King studied at Wolverhampton Grammar School, King's College, Cambridge (gaining a first class degree in economics in 1969), St John's College,
..... Click the link for more information.
King studied at Wolverhampton Grammar School, King's College, Cambridge (gaining a first class degree in economics in 1969), St John's College,
..... Click the link for more information.
Willem Buiter was a member of the Bank of England's Monetary Policy Committee from June 1997-May 2000. He joined the London School of Economics as a chair in the European Institute in September of 2005.
..... Click the link for more information.
..... Click the link for more information.
Charles Albert Eric Goodhart CBE FBA (born 23 October 1936) is an economist. He was a member of the Bank of England's Monetary Policy Committee from June 1997-May 2000. He is the son of Arthur Lehman Goodhart.
..... Click the link for more information.
..... Click the link for more information.
Ian Plenderleith was a member of the Bank of England's Monetary Policy Committee from June 1997-May 2002.
The Bank of England's Monetary Policy Committee
George | Davies | King | Buiter | Goodhart | Plenderleith |
..... Click the link for more information.
The Bank of England's Monetary Policy Committee
George | Davies | King | Buiter | Goodhart | Plenderleith |
..... Click the link for more information.
This article is copied from an article on Wikipedia.org - the free encyclopedia created and edited by online user community. The text was not checked or edited by anyone on our staff. Although the vast majority of the wikipedia encyclopedia articles provide accurate and timely information please do not assume the accuracy of any particular article. This article is distributed under the terms of GNU Free Documentation License.
Herod_Archelaus
