Part 1: The Bank of England Section 7: Monetary Policy Committee: membership
This section makes the Deputy Governor for markets and banking an ex officio member of the MPC. Previously the only ex officio members of the committee were the Governor, the Deputy Governor for monetary policy and the Deputy Governor for financial stability. The Deputy Governor for markets and banking was previously one of the two MPC members appointed by the Governor of the Bank after consultation with the Chancellor of the Exchequer.
	The section also reduces the number of members of the Committee who may be appointed by the Governor of the Bank from two to one; provides that the person appointed as a member of the Committee by the Governor must carry out monetary policy analysis within the Bank, rather than have executive responsibility for such analysis (the previous requirement under the 1998 Act), and gives that member the title "Chief Economist of the Bank". In addition, it clarifies the requirements for members of the MPC appointed by the Chancellor of the Exchequer.