Bank Of England Says Michael Saunders To Replace Weale

(RTTNews) - Bank of England appointed Citibank economist Michael Saunders as an external member on its rate-setting body for a three-year term.

Saunders will replace Martin Weale, whose second term on the nine-member Monetary Policy Committee ends on August 8, the bank said in a statement.

Currently, Saunders is a Managing Director and Head of European Economics at Citigroup where he has worked for over 25 years.

"I am delighted to welcome Michael Saunders to the Monetary Policy Committee," BoE Governor Mark Carney said.

"He brings first-rate knowledge of the UK economy and a wealth of economic and financial experience."

Carney also thanked Weale for the exceptional contribution he made to the bank's policy-making efforts over the past six years.