This is the original version (as it was originally enacted).
(1)There shall be a committee of the Bank, to be known as the Monetary Policy Committee of the Bank of England, which shall have responsibility within the Bank for formulating monetary policy.
(2)The Committee shall consist of—
(a)the Governor and Deputy Governors of the Bank,
(b)2 members appointed by the Governor of the Bank after consultation with the Chancellor of the Exchequer, and
(c)4 members appointed by the Chancellor of the Exchequer.
(3)Of the 2 members appointed under subsection (2)(b)—
(a)one shall be a person who has executive responsibility within the Bank for monetary policy analysis, and
(b)the other shall be a person who has executive responsibility within the Bank for monetary policy operations.
(4)The Chancellor of the Exchequer shall only appoint a person under subsection (2)(c) if he is satisfied that the person has knowledge or experience which is likely to be relevant to the Committee’s functions.
(5)Schedule 3 shall have effect with respect to the Committee.
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