Posen to join Bank's MPC

Adam Posen, a deputy director at the Peterson Institute, is to replace Tim Besley on the Bank of England's Monetary Policy Committee (MPC).

Posen, one of the foremost academics on Japan's lost decade, is an apt choice for the role, which will see him join a team trying to steer a return to more normal economic conditions. The Bank's policy rate is at an all-time low of 0.5% and the committee has authorised a £125 billion ($205 billion) quantitative easing programme.

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