External Member - Monetary Policy Committee

Body: Bank of England
Appointing Department: HM Treasury
Sector: Business, Finance & Skills
Location: London, virtual for the immediate future
Number of Vacancies: 1
Remuneration: £156,500 per annum, including an allowance in lieu of pension. This is reviewed every year by the Bank of England's Remuneration Committee.
Time Requirements: Average of 3 days per week

Campaign Timeline

  • Competition Launched

    18/02/2021

  • Closed for Applications

    18/03/2021

  • Panel Sift

    TBC, March

  • Final Interview Date

    TBC, mid-April

  • Announcement

    TBC, May

 

Assessment Panel

Vacancy Description

The MPC has responsibility for formulating monetary policy. The MPC consists of nine members – the Governor, the Deputy Governors for Monetary Policy, Financial Stability, and Markets & Banking, a member appointed by the Governor (the Bank’s Chief Economist) and four external members appointed by the Chancellor.

The appointment of external members to the MPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank. Each member of the MPC has expertise in the field of economics and monetary policy. Members do not represent particular groups or areas. They are independent.

There are eight Committee meetings scheduled a year, where monetary policy decisions are made by a vote of the Committee on a one-person one-vote basis.

The Committee has to explain its actions regularly to parliamentary committees, particularly the Treasury Committee. MPC members also speak to audiences throughout the country, explaining the MPC’s policy decisions and thinking. Members of the MPC are expected to engage in the wider policy debate and members frequently give public speeches to a variety of audiences.

In addition the Bank publishes its Monetary Policy Report every quarter which includes the MPC’s latest forecasts for inflation, output growth and the unemployment rate, as well as for a number of variables central to the MPC’s judgement. Because monetary policy operates with a lag, it is necessary for the MPC to form judgments about the outlook for output and inflation.

Person Specification

The requirements for this role are as follows:

  • Strong and proven economics knowledge and skills – candidates must have the technical expertise and experience necessary to make independent monetary policy decisions. Candidates must demonstrate that they have used their economic expertise operating at a very senior level in business, financial markets, a policymaking environment or academia – as a leader in their chosen profession or field of economics.
  • Analytical ability – candidates will need to be able to absorb large volumes of complex information and reach reasoned and robust conclusions quickly.
  • Independence of thought – candidates must be independently minded and be able to exert their influence within the Bank, the MPC and in the wider external policy debate. Candidates must be able to form their own views and decisions.
  • Interpersonal skills – candidates must be able to work closely and constructively with other members of the Committee.
  • Communication skills – candidates must be able to communicate with complete credibility in the markets and the media and be able to defend decisions under pressure. Candidates must be able to make a strong contribution to the MPC’s communications, explaining policy decisions to the public.
  • Undisputed integrity and standing – candidates must have the ability to maintain discretion and engender trust in staff, peers and stakeholders. MPC members are required to treat as absolutely confidential the proceedings of meetings. A willingness to abide by necessary conflict of interest constraints is also required.

Additional Information

External appointments to the MPC are for a three-year term. There is the possibility of reappointment at the end of the term and external members can serve a maximum of two terms. Reappointments are not automatic; they are based on merit and an assessment of the individual’s contribution to the work of the Committee.

It is expected that the appointment will commence in time for the September MPC round of meetings.

How to Apply

Applications can be submitted to this email address: MPCApplication@hmtreasury.gov.uk

You need to provide the following information:

  • A full CV (including education and professional qualifications, career history, and relevant achievements and responsibilities).
  • The names of two referees should be included in the CV. Referees should know you in a capacity to comment on your suitability for the appointment and have authoritative and personal knowledge of your achievements. References will only be taken up for short listed candidates, but will be sought prior to the interview.
  • A covering letter of no more than 3 sides of A4 explaining how you meet the appointment criteria as detailed in the candidate profile and summarising the evidence from your career which best demonstrates your qualifications for the appointment.
  • The completed Disability Confident Scheme, Political Activity and Conflict of Interest questionnaire, and the diversity monitoring form. Short-listed candidates will be asked to complete a more detailed statement of interests and relevant investments for the Bank.
  • Telephone contact numbers and e-mail addresses, which will be used with discretion.

Your application will be acknowledged shortly after receipt and you will be informed by email or by telephone of the progress of your application.

Applications must arrive no later than 11pm of 18 March 2021.  

If you have any queries concerning your application, or technical queries on completing the application, please email MPCApplication@hmtreasury.gov.uk.

Attachments
MPC candidate pack 2021 - word doc
MPC candidate pack 2021 - PDF
Diversity monitoring form
Public Appointment Recruitment Privacy Notice
Disability Confident Scheme, Political Activity, and Conflict of Interest questionnaire- PDF
Disability Confident Scheme, Political Activity, and Conflict of Interest questionnaire - word doc

This post is NOT regulated by The Commissioner for Public Appointments.

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