Monday, July 5, 2010

Ex-head of NIESR replaces Kate Barker on BoE’s MPC – base to stay low for longer?

Martin Weale joins Bank of England's monetary policy committee

The Treasury has appointed leading academic Martin Weale as a member of the Bank of England's monetary policy committee (MPC) in a move widely seen as providing Mervyn King with support for his low interest rate policy. Weale, who is fairly relaxed about the government's austerity measures, has nonetheless argued that they are unnecessarily tough, and is likely to vote to keep interest low while the measures take their toll on the economy. Weale is one of four external members appointed by the government and will replace Kate Barker, who finished a nine-year stint on the rate-setting committee at the end of May.

Posted by 51ck-6-51x @ 04:43 PM (1597 views)
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6 thoughts on “Ex-head of NIESR replaces Kate Barker on BoE’s MPC – base to stay low for longer?

  • mark wadsworth says:

    Woo hoo! Martin Weale is definitely a Land Value Taxer, albeit a moderate. Let’s see what happens now.

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  • mark, Weale is well known to be a dove. Which after excessive rates cuts leading to over-speculation in asset markets resulting in a depression and then record low interest rates, I fear another dove on the MPC is the last thing the UK economy needs.

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  • mark wadsworth says:

    Paul, indeed, no doubt he has forgotten all about LVT already. A bit like Vince Cable or Nick Huhne.

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  • clockslinger says:

    put there to oppose rate rises..LVT is only debated on this site.

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  • Just of interest who are the wealthiest landowners in UK?

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  • tom101 – well there are, of course, the banks and the funds holding mortgage books, then there are other corporate estates, of note are some of the estates of the Catholic church and Church of England, but in terms of individuals with vast holdings I think the biggest three are:
    1) Duchy of Cornwall: 135,000 Acres
    2) Duke of Norfolk: 46,000+ Acres
    3) Duchy of Lancaster: 46,000 Acres

    For comparison the Greater London Area is somewhere in the region of 65,000 Acres
    Also note that 1 & 3 certainly own prime estate in central London.

    In terms of the wealthiest, I think it must be the Duke of Westminster with more than 300 Acres of prime real estate in Central London alone.
    The grandchildren of Paul Raymond (publisher of Mayfair, Escort, Reader’s Wives, etc…) aren’t too bad off either as they own much of Soho’s 22 acres plus other prime central London real estate.

    I’m sure there are many more individuals in this category – peruse one of the Sunday Times rich list – but note that there may well also be non-doms who own large swathes of land on these shores…

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