© Reuters. Economist and member of the Bank Of England’s Monetary Policy Committee Catherine Mann poses for a photograph ahead of a speech at Manchester Business School in Manchester, Britain, January 12, 2023. REUTERS/Phil Noble/File Photo
LONDON (Reuters) -Bank of England policymaker Catherine Mann, the staunchest advocate for higher interest rates on the Monetary Policy Committee, has been re-appointed to serve a second three-year term, the finance ministry said on Monday.
The U.S. economist was one of two members of the MPC who voted against the majority last month to raise interest rates – which are currently at their highest since 2008 – to see off inflation risks.
She will now serve on the committee until Aug. 31, 2027, the finance ministry said in a statement.
Last week Mann said Britain has a long way to go for inflation pressures to be consistent with the BoE’s 2% target, the latest in a long run of warnings from her about the risk of price pressures becoming embedded in the economy.
Her stance differs from the consensus among BoE rate-setters, who have put the high level of Bank Rate, currently 5.25%, “under review”.
The BoE’s next interest rate decision is due this Thursday. Analysts expect Mann will vote again for an interest rate hike in another 6-2-1 split, resulting in a fifth consecutive “hold” decision – although inflation data on Wednesday could cause a late rethink.
Mann is one of the MPC’s most experienced economists, having previously served as chief global economist at both Citi and the Organisation for Economic Co-operation and Development.
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