Economists call for radical shakeup of Bank’s interest rate committee

MPC is dominated by people with little real world' knowledge and prone to groupthink, says ex-committee member

Members of the Bank of England's interest-rate setting body should be appointed by the devolved administrations and by English MPs in order to counter groupthink, a former member of Threadneedle Street's monetary policy committee has said.

David Blanchflower said the committee was dominated by people with little knowledge of the real world", and greater diversity of thought was needed to ensure the interests of ordinary people were reflected.