NIESR director to succeed Kate Barker on MPC

Martin Weale, the director of the National Institute for Economic and Social Research (NIESR), is to replace Kate Barker as an external member of the Bank of England's Monetary Policy Committee (MPC).

Weale has been director of the NIESR since 1995. He was made a commander of the order of the British Empire (CBE) for his services to economics in 1999. His research interests include household behaviour, socio-economic dynamics, time-series and micro econometrics. From 1986 to 1987, he was a Houblon-Norman fellow at the Bank.

He will be one of nine members of the committee. The government advertised in the position in May 2010. Thirty-eight applications for the position were received. A panel comprising Dave Ramsden and Jonathan Taylor from the UK Treasury and Tim Besley, an external member to the MPC from 2006 to 2009, interviewed the candidates and made recommendations to George Osborne, the chancellor of the exchequer.

Weale will take up his position on the MPC in time for the August meeting. His involvement in NIESR forecasting processes and policy comment will cease with immediate effect. However, he will continue to be involved in the management of NIESR to ensure an orderly transition as his successor is appointed.