Former Confederation of British Industry chief economic adviser Ian McCafferty has been appointed as Adam Posen’s successor as an external member on the Bank of England’s monetary policy committee.
McCafferty will take up the position on September 1. Prior to the CBI, he was head of macroeconomics at BP and director of international economics for NatWest Markets.
In May, the BoE announced Adam Posen would not be seeking another three-year term on the MPC when it ends in August and would instead be taking up the position of president at the Peterson Institute for International Economics, an economic research institution.
Posen was deputy director at the Washington-based PIIE between 2007 and 2009, and was a senior fellow there during his time on the MPC.
Chancellor George Osborne, who today confirmed McCafferty’s appointment, says: “I am delighted that Ian has agreed to join the monetary policy committee. His broad professional experience in business and industry, as well as his knowledge of the UK economy, will be extremely valuable to the committee in dealing with the challenges it faces now and in the future.”