Belfast Telegraph

US move for Bank's rate setter Forbes

By Ravender Sembhy

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 role at the Massachusetts Institute of Technology (MIT).

Thanking Ms Forbes, Governor Mark Carney said: "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."

Ms Forbes has signalled 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 rates.

Belfast Telegraph