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MPC under pressure as only female member leaves

The departure of Kate Barker from the Bank of England's monetary policy committee has created something of a quandary for the Treasury and the Bank of England as she has been replaced by a new male member. This leaves no women on the MPC, something which the government is acutely aware of, despite the fact that the MPC approached a number of leading women economists who appear to have turned down the position.

The role of the MPC is becoming more and more vital to the UK economy and could grow in stature in the weeks and months ahead as the UK economy heads for a troubled time. At a time when the regulators have been encouraging banking institutions to employ more women in top roles it seems ironic that the MPC finds itself in this position. The next meeting of the MPC is this Thursday with analysts on the whole expecting no move on UK base rates and no change in the quantitative easing policy.

However, this situation may change in the short to medium term as the UK economy readies itself for another difficult stage in its recovery. The talk has now turned to the potential for a double dip recession, a nightmare scenario for the government and UK business leaders.

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