Composition
The Committee comprises:
- The Governor of the Bank
- The two Deputy Governors
- The Executive Director for Monetary Analysis and Statistics, the Bank's Chief Economist
- The Executive Director for Markets
- Four external members, appointed by the Chancellor of the Exchequer for a renewable three year term
Each member has one vote of equal weight, for which they can be held publicly accountable. The Governor chairs the meeting and is the last to cast his vote, acting as a casting vote in event of a tie. Representatives from the Treasury can attend the meeting, but only as non-voting observers.
Read more about this topic: Monetary Policy Committee
Famous quotes containing the word composition:
“Give a scientist a problem and he will probably provide a solution; historians and sociologists, by contrast, can offer only opinions. Ask a dozen chemists the composition of an organic compound such as methane, and within a short time all twelve will have come up with the same solution of CH4. Ask, however, a dozen economists or sociologists to provide policies to reduce unemployment or the level of crime and twelve widely differing opinions are likely to be offered.”
—Derek Gjertsen, British scientist, author. Science and Philosophy: Past and Present, ch. 3, Penguin (1989)
“When I think of God, when I think of him as existent, and when I believe him to be existent, my idea of him neither increases nor diminishes. But as it is certain there is a great difference betwixt the simple conception of the existence of an object, and the belief of it, and as this difference lies not in the parts or composition of the idea which we conceive; it follows, that it must lie in the manner in which we conceive it.”
—David Hume (1711–1776)
“There is singularly nothing that makes a difference a difference in beginning and in the middle and in ending except that each generation has something different at which they are all looking. By this I mean so simply that anybody knows it that composition is the difference which makes each and all of them then different from other generations and this is what makes everything different otherwise they are all alike and everybody knows it because everybody says it.”
—Gertrude Stein (1874–1946)