Belfast Telegraph

Kristin Forbes to leave Bank of England Monetary Policy Committee

Kristin Forbes is to leave the Bank of England's Monetary Policy Committee (MPC) at the end of June when her three-year term comes to an end.

Ms Forbes, one of the nine rate-setters on the MPC and an external committee member, will leave to take on a full-time role at the Massachusetts Institute of Technology (MIT).

Governor Mark Carney said: "I would like to thank Kristin for her contributions on the MPC. She has brought insight, fresh-thinking and academic rigour to our deliberations, as well as a fresh and engaging approach to communications.

"On behalf of colleagues at the Bank, I would like to wish her well as she returns to pursue her academic career at MIT on a full-time basis."

Earlier this week, Ms Forbes signalled that the Bank may need to hike interest rates soon to stop inflation soaring too high as UK growth continues to confound expectations.

Economists believe her departure could have "significant implications" for interest rate prospects.

Howard Archer, chief UK and European economist at IHS Global Insight, said: "The news that Kristin Forbes will leave the Bank of England's Monetary Policy Committee at the end of her three-year stint at the end of June could have significant implications for interest rate prospects.

"As Ms Forbes has consistently been among the most hawkish MPC members, her leaving could affect the policy leanings within the MPC.

"Kristin Forbes leaving the MPC could modestly dilute the possibility of interest rates rising sooner rather than later - although much will obviously depend on who replaces her on the MPC."

Simultaneously, the Bank announced that Charlotte Hogg will become Deputy Governor for Markets and Banking, replacing the outgoing Minouche Shafik.

Ms Hogg, currently the Bank's chief operating officer, has also held down jobs at Santander and consultancy giant McKinsey.

Her appointment is effective from March 1 for a renewable term of five years.

Chancellor Philip Hammond said: "I'm delighted to appoint Charlotte Hogg as the next Deputy Governor for Markets and Banking.

"I'm confident that her exceptional leadership skills and wide-ranging experience make her the right person to take on the position.

"Charlotte has done an excellent job as the Bank's first Chief Operating Officer. She will take over this new role at a key time for the City."