Bank of England adds Brexit critic to rate setting committee
The Bank of England (BoE) has appointed a strong critic of Brexit to its key rate setting monetary policy committee.
Swati Dhingra, an associate professor of economics at the London School of Economics, will join the nine-person group in August, succeeding the retiring Michael Saunders.
She has also studied economics at the University of Delhi and gained a fellowship at Princeton and is seen as an authority on international economics and trade.
She will receive a salary of £156,600 for a three-day week.
Dhingra has been highly critical of the economic consequences of Brexit, arguing that it has led to slower economic growth and made the average person in Britain £650-£1,000 a year poorer.
Her arrival comes at a critical time for the committee, which critics argue has lost control of inflation amid growing speculation it will have to raise borrowing costs further despite the cost of living crisis.
The BoE last week raised its base rate for the fourth time in six months to one per cent, but warned that it expected inflation to rise to above 10 per cent this year, five times its target of two per cent.
Dhingra also joins the central bank as it may have to start reversing its gigantic money-creating stimulus programme.
Dhingra said in a statement: “It will be an honour to learn from the Bank’s vast expertise and regional visits, to listen and to explain, and to bring evidence to bear on the crucial policy decisions of the committee.”
Her appointment will lift the number of women on the committee to three, the highest number since 2005.