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The first Monetary Policy Committee

Six members voted at the Bank of England's first independent interest-rate decision, on 6 June 1997, which raised Bank Rate to 6.5%.

The full list

Bank officials (internal members) 4

Four serving Bank of England officials: the Governor, the Deputy Governor and two Executive Directors appointed by the Bank's Court on 14 May 1997.

• Eddie George
• Howard Davies
• Mervyn King
• Ian Plenderleith

External members 2

Two academic economists named by the Chancellor on 2 June 1997, three days before the first meeting.

• Willem Buiter
• Charles Goodhart

Not on the list

• Sir Alan Budd: Present at the first meeting only as the Treasury representative, who may contribute to discussion but has no vote.
• DeAnne Julius: Named by the Chancellor on 2 June 1997 but joined the committee on 1 September 1997.
• David Clementi: Became Deputy Governor on 1 September 1997, succeeding Howard Davies.

Questions

How many members voted at the first MPC meeting?

Six members voted at the Bank of England's first independent interest-rate decision, on 6 June 1997, which raised Bank Rate to 6.5%.

Which countries are on the list?

Eddie George, Howard Davies, Mervyn King, Ian Plenderleith, Willem Buiter and Charles Goodhart.

What is an easy way to remember them?

Four from inside the Bank (Eddie George, Howard Davies, Mervyn King, Ian Plenderleith) and two academics (Willem Buiter, Charles Goodhart).

More lists

Each name checked against at least two sources, one of them Bank of England, on 3 October 2026. Next review by 3 October 2028.
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