Bell to leave Bank of England's MPC

The Chancellor said:

"I am delighted that David Walton has agreed to join the Monetary Policy Committee. David is one of the UK's leading business economists and is a highly respected commentator on economic affairs in Parliament and more widely. He brings a wealth of practical experience and expertise to the Committee."

"I would also like to pay tribute to Marian Bell for her excellent contribution in her three years to the Committee. She has played a key role in making the MPC a continuing success in entrenching monetary stability."

David Walton is Chief European Economist for the US investment bank, Goldman Sachs. He joined Goldman Sachs from HM Treasury in 1987 and he became a managing director in 1998. David is a regular advisor on UK monetary and fiscal policy issues to the House of Commons Treasury Committee. He is Chairman of the Society of Business Economists and a Fellow of the Royal Society of Arts. He has published numerous articles in academic journals and other publications on a range of economic issues. He holds a masters degree in economics from the University of Warwick and a bachelors degree from the University of Durham.

Marian Bell's current term of office ends on 31 May 2005. She has agreed to stay on at the Committee until 30 June 2005, at which point David Walton will be appointed with effect to 31 May 2008.