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Silvana Tenreyro to join the MPC

20 June 2017

Prof Tenreyro will join the Bank as an external MPC member on July 5 and will be eligible to cast an interest rates vote during the committee's meeting in August.

British inflation unexpectedly jumped to 2.9 percent in May, its highest level in almost four years, tightening the squeeze on consumers and complicating the job of the BoE, which has signalled it is in no hurry to raise interest rates.

Tenreyro replaces outgoing member Kristin Forbes, who will step down from the MPC at the end of this month.

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Earlier on Monday, Britain's finance ministry named Silvana Tenreyro, a trade-focused London School of Economics academic, as Forbes' replacement as an external member of the BoE's Monetary Policy Committee. City economists described her as a relatively unknown...

"My pessimism regarding Brexit has not moved much: I think it will have a negative impact on the United Kingdom economy and Europe more generally", Tenreyro said.

Tenreyro's busy CV also shows she has worked as an economist at the US Federal Reserve Bank of Boston for two years from 2002, been a member of the Council of the European Economic Association between 2010-2015, an elected member of the Council of the Royal Economic Society since 2015 and a member of the scientific committee for the Banque de France sine 2013.

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Tenreyro has "extensive and varied academic experience", including work on the monetary transmission mechanism, the dynamics of productivity, as well as housing and wage issues, the BOE said.

Ms Tenreyro, 43, is now a professor in the LSE's economics department, and has published academic papers on areas ranging from the dynamics of the housing market, to monetary policy shocks, to trade flows. Otherwise, she voted for rates to be left unchanged, on some occasions against a minority that wanted to raise rates.

The committee now has only eight members as former Bank deputy governor Charlotte Hogg is yet to be replaced after she quit in the spring for failing to declare that her brother works for Barclays (LSE: BARC.L - news).

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Silvana Tenreyro to join the MPC