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2 New Appointees To The Mpc

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Dr Sentance was a founder member of the Treasury’s Panel of Independent Forecasters (formerly known as the seven "wise men"), which provided advice to the Chancellor of the Exchequer under the last Government. He has also acted as a government adviser on official statistics and corporate social responsibility.

Great - one of Brown's old mates - we can expect impartiality from him - another uber-dove to take Nickell's seat?

Tim Besley


"I am delighted that Tim Besley and Andrew Sentance have agreed to join the Monetary Policy Committee," said Chancellor Gordon Brown.

"That'll keep rates down, and the Miracle going a little longer" thinks Chancellor Gordon Brown :angry:

Edited by jp1

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Sentance is a Dove and just what Gordon wants on his panel to ensure IR are kept low and HPI-MEW growing:


Mr Sentance has been at British Airways since 1998, prior to which he was director of the Centre for Economic Forecasting at the London Business School. He was also a founder member of the Treasury's panel of economic advisers, known as the "Wise Men", under former chancellor Kenneth Clarke.
He is also a member of the Times newspaper's
shadow MPC and this month voted to keep interest rates at 4.5%
, mirroring the real committee's decision at its July 5-6 meeting.
He was quoted in the Times last week as saying that economic growth appeared reasonably robust after a soft patch in the second half of last year but that he was
not convinced of the need for a rate rise yet.
"Interest rates may need to rise at some point, but not yet. The latest gross domestic product figures show that the main drivers of growth at present are exports, investment and government spending.
"Consumer spending is still subdued, though it is beginning to recover. This shows that growth prospects are still vulnerable to a weaker global economy which would hit exports and investment - so the
Bank should be cautious about raising rates at this stage."

Sentance could be a super dove:


Howard Archer, the chief UK and European economist at Global Insight, noted that: "While we know nothing of Timothy Besley's current views on interest rates, the indications from his voting pattern as one of The Times shadow MPC members is that Andrew Sentance could be more of a dove than a hawk.
He was in favour of a rate cut in March and April
, and although he was quoted at the time of the July meeting as saying that interest rates may need to rise at some point, he was clearly against an imminent hike at least."

Professor Besley??? I would be surprised if the Prof is not also a Dove. Gordon may well have his dream team on the MPC now.

Edited by Realistbear

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Brown timed this one nicely - while Levy does the perp-walk, Brown quietly slides in his cronies to the MPC, on a very good day to bury bad news

Meanwhile - Leftie MP John McDonnell has anounced his intention to stand against Brown in leadership election

Smooth and orderly transition anyone? :lol::lol:

Bet Brown's chewed his fingernails to the bone today!!

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These guys don't start for a couple of months, so it gives the rest of the team a chance to get in the necessary rise in August before they start.

In the long run it doesn't really matter whether they lean one way or another, or fall over entirely - if they manage to fix artificially low rates at the start, conditions will demand higher rates after a time. And if they don't recognise the need then, they will be sacked (or bumped off).

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Brown's two MPC newcomers may tilt balance away from rate rise

Looks like he does have his dream team. Gordon is very pleased with himself and apparently gave himself a pat on the back with the selection of the two like-minded muppets:

The Chancellor praised his two selections yesterday. "Their extensive experience will enable them to make an invaluable contribution to the work of the committee," he said

And for those who think the BoE are an independent body:

The issue of the appointment process is unlikely to go away as MPs on the Treasury Select Committee plan to launch an investigation next year.
In the Commons yesterday, the Conservative Mark Hoban said appointments were being made "furtively behind closed doors on the whim of the Chancellor". For the Liberal Democrats, Julia Goldsworthy said Bank independence had been "compromised by the direct control you exercise on appointments"

What a joke. :lol:

Edited by Realistbear

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  • 301 Brexit, House prices and Summer 2020

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