Citi economist Saunders appointed to BoE MPC

Citi economist Michael Saunders has been appointed to the rate-setting Monetary Policy Committee, replacing Martin Weale, who is due to leave in July.

Bank of England Governor Mark Carney said: “On behalf of the Bank of England, I am delighted to welcome Michael Saunders to the Monetary Policy Committee. He brings first-rate knowledge of the UK economy and a wealth of economic and financial experience.”

Chancellor George Osborne said Saunders – currently chief UK economist at Citi – “brings a wealth of economic experience both on the UK and global economy and will make a strong addition to the MPC”.

Weale is well-known for being one of the MPC’s most hawkish rate-setters.