Kate Barker stands down from monetary policy committee

Bank of England policymaker Kate Barker today announced that she will be standing down from the rate-setting monetary policy committee (MPC) when her term expires at the end of May. The Treasury said that Barker, who has served on the MPC since 2001, will not seek reappointment for a fourth term. She is the first external MPC member to have been appointed for three terms. Barker's post will be advertised after the general election. "I would like to take this opportunity to thank Kate for the major contribution she has made since she joined the committee," said the chancellor, Alistair Darling. "During this period, her perspective has been extremely valuable, both to the work of the monetary policy committee and also to the government through the independent reviews she has completed on housing supply and land-use planning." Barker previously worked as Ford's chief European economist and was also the CBI's chief economic adviser. Meanwhile, Spencer Dale, the Bank's chief economist, has been reappointed to the MPC for another three years. As chief economist, Dale's appointment to the MPC is within the Bank's power, while Barker is one of five external members appointed by the Treasury.