Bank of England governor Eddie George has rejected calls to change the membership of the Monetary Policy Committee the Daily Telegraph reports.
Faced with criticism over its handling of the surging pound, George says it is not necessary to bring aboard more individuals who have direct experience in the industry.
George was testifying before the House of Lords Monetary Policy Committee when he made his comments. He said that the committee does take the strength of the pound into consideration when deciding on interest rates, but he refused the suggestion that specific sectors of industry should be targeted.
The MPC is the branch of the Bank of England that decides what the interest rates will be set at. This in turn is what most money lenders base their rates. The committee is due to meet tomorrow to discuss the issue.