MPC members `inexperienced'

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The Independent Online
MPC members `inexperienced'

THE CHANCELLOR Gordon Brown was criticised yesterday for recruiting members of the Bank of England's key Monetary Policy Committee from a narrow background.

The House of Lords Select Committee set up to monitor the MPC - which sets interest rates - complained of the "limited range of experience" of the nine MPC members.

"This is true of their work experience, and the sorts of organisations which have employed them. It is also true of the parts of the country they have worked in. Finally, it is true of their academic backgrounds," it said. "We hope this is borne in mind when the next appointments are made."