HOW THE MPC HAS VOTED IN THE PAST YEAR
WHAT IS THE MPC?
The Bank of England’s Monetary Policy Committee (MPC) is nine-strong and it meets each month to decide interest rates.
What are the aims of the MPC?
The MPC is tasked with delivering price stability – that is, targeting an inflation rate of two per cent. Because of the time it takes for policy to feed through into prices, it sets interest rates based on its expectations of what inflation will be in about two years.
Who sits on it?
Besides governor Mervyn King, there are two deputy governors (Charles Bean and Paul Tucker), two executive directors (Spencer Dale and Paul Fisher) and four external members (Andrew Sentance, Kate Barker, David Miles and Adam Posen). Each member has one vote – so personal opinions count – and, in the event of a split, the governor casts the deciding vote.