Ben Broadbent appointed external MPC member
Broadbent has been senior European economist at Goldman Sachs since 2000 and managing director since 2006. He was formerly assistant professor at Columbia University and has worked at H.M. Treasury and the Bank of England.
He has a PhD from Harvard University, where he was a Fulbright Scholar, and a first-class honours degree from Cambridge University.
George Osborne, Chancellor of the Exchequer, said: “I am delighted that Ben Broadbent has agreed to join the MPC. 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.”
The Chancellor also thanked Andrew Sentance for his service on the Monetary Policy Committee since 2006. Andrew’s more than four and a half years on the MPC come to an end on 31 May 2011.
Osborne added: “I would like to take this opportunity to thank Andrew for his original analysis and many other invaluable contributions to the debate during his two terms on the Committee since 2006.”
The MPC comprises the Governor of the Bank of England, the two deputy Governors, two members of the Bank with responsibility in the Bank for monetary policy and market operations and four outside members with relevant expertise who are appointed by the Chancellor. The appointment of external members is designed to ensure that the MPC benefits from thinking and expertise in addition to that gained inside the Bank of England.