The Chancellor of the Exchequer, Rachel Reeves, has reappointed Megan Greene as an external member of the Bank of England’s Monetary Policy Committee. The second three‑year term extends her service from the original end‑date of 4 July 2026 to 4 July 2029, providing continuity on the rate‑setting body.
In statements released alongside the decision, the Chancellor emphasised stability and reiterated ministerial support for the Bank’s work to return inflation to target. Bank of England Governor Andrew Bailey welcomed the reappointment, noting Greene’s contribution to the Committee’s analysis and deliberations.
The MPC is responsible for setting monetary policy to achieve the government’s 2% CPI inflation target. Operating independently under the Bank of England Act, the Committee comprises the Governor, three Deputy Governors, the Bank’s Chief Economist and four external members appointed by the Chancellor to bring perspectives from outside the institution.
External members may serve up to two consecutive three‑year terms. Reappointments are not automatic and are made on merit in line with the Governance Code for Public Appointments. As part of the process, Greene has confirmed she has undertaken no political activity in the past five years. Members serve in a personal capacity and do not represent particular sectors or interests.
Greene holds roles as a Senior Fellow at Brown University’s Watson Institute and at Chatham House, and teaches at London Business School. She advises economic initiatives in the UK and US, contributing expertise on global macroeconomics and financial markets.
Her previous positions include Global Chief Economist at Kroll and at John Hancock Asset Management, a Senior Fellowship at Harvard Kennedy School, and service on the International Advisory Committee of the Hong Kong Stock Exchange. She holds a BA in Political Economy from Princeton University and an MSc in International Relations from the University of Oxford (Nuffield College).
From a governance perspective, this decision maintains experience on the MPC’s external bench through mid‑2029, reducing turnover risk and helping preserve a consistent analytical approach across policy cycles. It supports continuity without signalling the future path of interest rates.
Although the Chancellor makes external appointments, the MPC’s decisions are taken independently. The Governance Code requires appointments to be made on the principles of merit, openness and fairness, with checks on potential conflicts of interest and recent political activity to safeguard public confidence.
No operational changes accompany the announcement. Greene will continue to participate in scheduled policy meetings, vote on Bank Rate and other tools as required, and contribute to the preparation and communication of the MPC’s assessments, alongside internal Bank members and staff.
Officials characterise the move as an appointments update rather than a policy statement. It leaves the monetary policy framework unchanged: the Bank pursues the 2% inflation target set by government, while the Committee exercises independent judgement on the stance of policy.