Senior economist at hedge fund Brevan Howard Gertjan Vlieghe has been given a position in the Bank of England’s monetary policy committee (MPC).
The Guardian explains that Vlieghe’s appointment will start in September when he will leave Brevan Howard and revoke his position as partner. Prior to this, he has worked for Deutsche Bank as a bond strategist and was in fact previously employed by the Bank of England where he was an economic assistant to Lord Mervyn King.
During his three year term, Vlieghe will replace David Miles on the committee as an external member, one of four that the bank will rely on to bring in knowledge from outside the establishment.
These changes come at a time when there is speculation surrounding increasing interest rate, according to the Guardian. Miles has never provided input when interest rate discussions took place in over 70 policy meetings but it remains to be seen how he will utilise his last vote.
Governor Mark Carney has warned that borrowing costs may rise by the end of the year and for borrowers to prepare. Alongside this, Carney welcomes Vlieghe to the team. “Jan’s insight, judgement and perspective will be invaluable to the committee in the coming years, and I very much look forward to working with him,” Carney said.
Chancellor George Osborne also echoed Carney’s attitude in a statement. “Dr Vlieghe is an economist of outstanding ability who bring experience from his time at both the Bank of England and the financial services industry to the role and will be a strong addition to the MPC,” Osborne said as quoted in the Guardian.
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