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Sponsor department
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HM Treasury
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Body
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Bank of England - Monetary Policy Committee
24 February 2025
Dr. Swati Dhingra has been reappointed as an external member to the Monetary Policy Committee (MPC), the Chancellor of the Exchequer, Rachel Reeves, has announced.
Her three-year term was due to end on 8 August 2025. Following her appointment for a second term, Dr. Dhingra will continue to hold the post until 8 August 2028.
Dr. Swati Dhingra is an Associate Professor of Economics at the London School of Economics (LSE), and an Associate of the Centre for Economic Performance at LSE. Her research has been funded by the Economic and Social Research Council; European Research Council; International Growth Centre; UK Research and Innovation; and she was awarded the Office for National Statistics’ Research Excellence People’s Choice Award 2019.
From 1 January 2023, Dr. Swati Dhingra has been Director of the Review of Economic Studies. She has also been a member of the UK’s Trade Modelling Review Expert Panel and the LSE’s Economic Diplomacy Commission.
About the reappointment process
Reappointments are not automatic, and each case is considered on its own merits. This reappointment was made by the Chancellor of the Exchequer, in line with the requirements of the Governance Code for Public Appointments.
About the Monetary Policy Committee
The independent MPC makes decisions about the operation of monetary policy. It comprises of the Governor of the Bank of England, three Deputy Governors, the Bank of England’s Chief Economist and four external members. External members, who are appointed by the Chancellor, may serve up to two three-year terms on the MPC.
The appointment of external members to the MPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank. Each member of the MPC has expertise in the field of economics and monetary policy. They are independent and do not represent particular groups or areas.
12 May 2022
Dr. Swati Dhingra has been appointed as an external member of the Monetary Policy Committee (MPC)
Swati Dhingra is an economics Professor at the London School of Economics and will succeed Michael Saunders when his second term ends
Her 3-year term will start on 9 August 2022
She will join the MPC on 9 August for a 3-year term, replacing current external member Michael Saunders who has been on the MPC since August 2016.
Swati Dhingra is an Associate Professor of Economics at the London School of Economics, specialising in international economics and applied microeconomics.
Chancellor of the Exchequer, Rishi Sunak said:
“Dr Swati Dhingra’s experience in international economics will bring valuable new expertise to the MPC. I am delighted to appoint her to this role and look forward to seeing her contribution to policymaking in the coming years.
“I would also like to thank Michael Saunders for all his work since he joined the Bank of England, and wish him the best in the next stage of his career.”
Andrew Bailey, Governor of the Bank of England, said:
“I am very pleased to be welcoming Dr Swati Dhingra to the MPC later this year. Her insights and perspective will be hugely beneficial to all of our discussions and we will benefit from her extensive research in international economics.
“Michael Saunders has been a great asset to the MPC and I would like to thank him for all his work on the committee. I wish him all the best for the future.”
Dr. Swati Dhingra said:
“I am very pleased that the Chancellor has appointed me to join the Monetary Policy Committee. The work of the Committee is of great importance as the UK faces an exceptional cost of living crisis amid the global challenges of the pandemic and the war. “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.
Further information
About. Dr Swati Dhingra
Dr Swati Dhingra is an Associate Professor at the London School of Economics. She is an elected member of the Council of the Royal Economic Society. She is on the Editorial Board of the Review of Economic Studies, and is an Associate Editor for the Journal of International Economics.
Swati is a Research Associate on the Trade Programme at Centre for Economic Performance, and a Research Fellow of the Centre for Economic Policy Research.
Swati received her undergraduate degree from the University of Delhi, her MA from the Delhi School of Economics, and her MS and PhD from the University of Wisconsin-Madison.
Swati was a member of the UK’s Trade Modelling Review Expert Panel and LSE’s Economic Diplomacy Commission. She is currently a Director of The Royal Mint Museum and a member of the Steering Group for The Economy 2030 Inquiry.
About the MPC
The independent Monetary Policy Committee makes decisions about the operation of monetary policy. It comprises of the Governor of the Bank of England, the three Deputy Governors, one member of the Bank with responsibility for monetary policy and four external members who are appointed by the Chancellor.
External members may serve up to two three-year terms on the MPC.
The appointment of external members to the MPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank. Each member of the MPC has expertise in the field of economics and monetary policy. They are independent and do not represent particular groups or areas.
About the appointment process
Dr. Swati Dhingra has been appointed following an open recruitment process run by HM Treasury. A panel comprising of Clare Lombardelli (Director General and Chief Economic Advisor, HM Treasury), Tom Josephs (Director of Fiscal, HM Treasury), Dame Colette Bowe (external member of the Financial Policy Committee) and Dame Kate Barker (external member of the MPC from 2001 to 2010) interviewed a number of candidates and made recommendations to the Chancellor, which informed his decision.
The Treasury is committed to appointing a diverse range of people to public appointments, including at the Bank of England. The Treasury continues to take active steps to attract the broadest range of suitable applicants for posts.