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The Guardian - UK
The Guardian - UK
Business
Nils Pratley

Bank of England: members of financial policy committee must speak up

HRH Queen Elizabeth II Opens The New Stock Exchange
Dame Clara Furse, who intends to make her first speech at the end of March. Photograph: Ferdaus Shamim/WireImage

Set your watches. Dame Clara Furse intends to make her first speech as an external member of the Bank of England's financial policy committee at the end of March, almost exactly a year after joining.

As for Richard Sharp, an external member who joined at the same time, it's hard to say when he'll break his duck.

The ex-Goldman Sachs banker told the Treasury select committee the speech-giving game caused him a few difficulties related to "nuance" and "market sensitivity".

Eventually, he volunteered that "it is an area of some discomfort for me but one which I intend to step into".

Jolly good of you. But, come on, giving speeches is one way in which external members of the FPC, like members of the monetary policy committee, can demonstrate their independence of mind to the public.

There's a debate raging about the possible house price boom, for example. Engage with it.

Holders of these external FPC posts get more than double the UK average wage and attend four meetings a year. If we're getting value for money, let's hear some opinions and have less fretting about nuance.

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