Bank of England appoints Michael Saunders to MPC

Citigroup economist will replace Martin Weale on the monetary policy committee

Michael Saunders, an economist at the investment bank Citigroup, has been appointed to the Bank of England's interest rate setting committee.

Saunders, a respected commentator on economics after more than 25 years at Citigroup, will replace Martin Weale whose term on the monetary policy committee (MPC) ends in August. Weale joined the nine-strong committee in 2010 having previously headed the National Institute of Economic and Social Research.

Michael Saunders appointed as external member of Monetary Policy Committee@bankofengland https://t.co/y6pdT07D1W pic.twitter.com/FaVCTgwWRg

Pleased to appoint Michael Saunders to Bank's MPC - an economist with a wealth of experience on UK + global economy https://t.co/5IElFQ1xiB

Bank of England welcomes the appointment of Michael Saunders to the Monetary Policy Committee https://t.co/aA8hl2nWvn