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Appointment of Dr Ben Broadbent As Deputy Governor of the Bank of England

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Appointment of Dr Ben Broadbent As Deputy Governor of the Bank of England House of Commons Treasury Committee Appointment of Dr Ben Broadbent as Deputy Governor of the Bank of England First Report of Session 2014–15 Report, together with formal minutes relating to the Report Ordered by the House of Commons to be printed 11 June 2014 HC 205 Published on 12 June 2014 by authority of the House of Commons London: The Stationery Office Limited £0.00 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies. All publications of the Committee (including press notices) and further details can be found on the Committee’s web pages at www.parliament.uk/treascom. Membership at time of the report Mr Andrew Tyrie MP (Conservative, Chichester) (Chairman) Steve Baker MP (Conservative, Wycombe) Mark Garnier MP (Conservative, Wyre Forest) Stewart Hosie MP (Scottish National Party, Dundee East) Mr Andy Love MP (Labour, Edmonton) John Mann MP (Labour, Bassetlaw) Mr Pat McFadden MP (Labour, Wolverhampton South West) Mr George Mudie MP (Labour, Leeds East) Mr Brooks Newmark MP (Conservative, Braintree) Jesse Norman MP (Conservative, Hereford and South Herefordshire) Teresa Pearce MP (Labour, Erith and Thamesmead) David Ruffley MP (Conservative, Bury St Edmunds) John Thurso MP (Liberal Democrat, Caithness, Sutherland, and Easter Ross) Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the Internet via www.parliament.uk. Publication The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. All publications of the Committee (including press notices) are on the Internet at www.parliament.uk/treascom. The Reports of the Committee, the formal minutes relating to that report, oral evidence taken and some or all written evidence are available in printed volume(s). Additional written evidence may be published on the internet only. Committee staff The current staff of the Committee are Chris Stanton (Clerk), Anne-Marie Griffiths (Second Clerk), Adam Wales and Gavin Thompson (Senior Economists), Hansen Lu, Thomas Francis (on secondment from the FCA), Gregory Stevens (on secondment from the Bank of England), and Callum Saunders (on secondment from the NAO) (Committee Specialists), Steven Price (Senior Committee Assistant), Alithea Williams and Paul Little (Committee Assistants). Contacts All correspondence should be addressed to the Clerk of the Treasury Committee, House of Commons, 7 Millbank, London SW1P 3JA. The telephone number for general enquiries is 020 7219 5769; the Committee’s email address is [email protected] Appointment of Dr Ben Broadbent as Deputy Governor of the Bank of England 1 Contents Report Page 1 Introduction 3 Background 3 Current vacancy 3 2 The appointment of Dr Ben Broadbent 4 Background on Dr Ben Broadbent 4 Our evidence 4 Conclusions 5 Formal Minutes 6 Witness 7 List of written evidence 7 List of Reports from the Committee during the current Parliament 8 Appointment of Dr Ben Broadbent as Deputy Governor of the Bank of England 3 1 Introduction Background 1. This Report concerns the appointment of Dr Ben Broadbent as a Deputy Governor of the Bank of England with effect from 1 July 2014. He will be the Deputy Governor with responsibility for Monetary Policy. That role means that he will sit on the Monetary Policy Committee (MPC), the Financial Policy Committee (FPC), and the Court of the Bank of England. He will chair the MPC in the Governor’s absence.1 2. In our Report in November 2010 on the Appointment of Dr Martin Weale to the Monetary Policy Committee of the Bank of England, we stated that we would follow previous practice and continue to use the criteria of professional competence and personal independence against which to consider appointees to the MPC.2 Similarly, in our Report on the Appointments of Dame Clara Furse, Richard Sharp, and Martin Taylor to the Financial Policy Committee we continued the practice of using the criteria of professional competence and personal independence for appointments to the FPC.3 We have done so again for this appointment. But Dr Broadbent’s responsibilities as Deputy Governor range wider than just these two roles, so we have examined some of those other responsibilities as well. 3. We took evidence from Dr Ben Broadbent on Wednesday 11 June 2014. He provided a CV and answered our questionnaire prior to giving oral evidence. We thank Dr Broadbent for his evidence. Current vacancy 4. The current vacancy for Deputy Governor of the Bank of England with responsibility for Monetary Policy arose from the departure of Dr Charles Bean, who was appointed as Deputy Governor on 1 July 2008. We would like to thank Dr Bean for his work on the Monetary Policy Committee. 1 HM Treasury, Chancellor announces three senior Bank of England appointments, published 18 March 2014 2 Treasury Committee, Second Report of Session 2010–12, Appointment of Dr Martin Weale to the Monetary Policy Committee of the Bank of England, HC 475-I, para 4 3 Treasury Committee, First Report of Session 2013–14, Appointments of Dame Clara Furse, Richard Sharp, and Martin Taylor to the Financial Policy Committee, HC 224-I, para 6 4 Appointment of Dr Ben Broadbent as Deputy Governor of the Bank of England 2 The appointment of Dr Ben Broadbent Background on Dr Ben Broadbent 4. Prior to his appointment as Deputy Governor, Dr Broadbent was an external member of the Monetary Policy Committee, a position he held since 1 June 2011. Prior to that he was a Senior European Economist with Goldman Sachs. Dr Broadbent joined Goldman Sachs in 2000. Dr Broadbent received his doctorate, which he pursued as a Fulbright Scholar, from Harvard University in Economics in 1997. He was then an Assistant Professor in the Department of Economics at Columbia University. Dr Broadbent worked at Her Majesty’s Treasury between 1989–1991 and 1993–1996. Our evidence 5. In oral evidence, we questioned Dr Broadbent about the role of the Deputy Governor with responsibility for monetary policy, the issues facing both the MPC and the FPC, and how he saw himself responding to those issues. The topics we questioned Dr Broadbent about included: Interpreting movements in asset prices and their importance for financial stability; Credit risk models used by banks; Trends in bond yields and the influence of central bank policy on them; Intervention in the housing market under the secondary objective of the FPC; Recommendations on fiscal policy by the FPC; The distributional and political impact of monetary policy; Economic policy in the euro area and the most recent actions by the ECB; The level of Bank rate, and the interest rates faced by households, in the future; The risks from forward guidance; Household debt and forbearance; Unwinding Quantitative Easing and its effects on the economy; The impact of larger Bank reserves on the economy; The size of the Bank’s balance sheet; The housing market and the impact of Help to Buy; The Bank’s forecasts for unemployment and wages; The level of slack in the economy and how quickly it will be used up; Appointment of Dr Ben Broadbent as Deputy Governor of the Bank of England 5 The level of business investment; Whether the Bank of England is institutionally ‘dovish’; How to determine whether intervention by the FPC is needed in the housing market; Bank note production and electronic currency; His management experience; and Governance in the Bank and the role of Court. Conclusions 6. We are satisfied that Dr Ben Broadbent has the professional competence and personal independence to be the Deputy Governor of the Bank of England with responsibility for Monetary Policy. We wish him every success in his role. 6 Appointment of Dr Ben Broadbent as Deputy Governor of the Bank of England Formal Minutes Wednesday 11 June 2014 Members present: Mr Andrew Tyrie, in the Chair Steve Baker Teresa Pearce Mark Garnier David Ruffley Jesse Norman Draft Report (Appointment of Dr Ben Broadbent as Deputy Governor of the Bank of England), proposed by the Chair, brought up and read. Ordered, That the draft Report be read a second time, paragraph by paragraph. Paragraphs 1 to 6 read and agreed to. Resolved, That the Report be the First Report of the Committee to the House. Ordered, That the Chair make the Report to the House. Written evidence was ordered to be reported to the House for publication on the internet. [Adjourned till Tuesday 17 June at 9.45 am Appointment of Dr Ben Broadbent as Deputy Governor of the Bank of England 7 Witness Wednesday 11 June 2014 Dr Ben Broadbent, external member of the Monetary Policy Committee List of written evidence (published on the Committee’s website www.parliament.uk/treascom) 1 Dr Ben Broadbent’s CV 2 Dr Ben Broadbent’s responses to the Treasury Committee’s questionnaire 8 Appointment of Dr Ben Broadbent as Deputy Governor of the Bank of England List of Reports from the Committee during the current Parliament Session 2010–12 First Report June 2010 Budget HC 350 Second Report Appointment of Dr Martin Weale to the Monetary Policy HC 475 Committee of the Bank of England Third Report Appointment of Robert Chote as Chair of the Office for HC 476 Budget Responsibility Fourth Report Office for Budget Responsibility HC 385 Fifth Report Appointments to the Budget Responsibility Committee HC 545 Sixth Report Spending Review 2010 HC 544 Seventh Report
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