The MPC came into existence immediately after the Chancellor's announcement of 6 May 1997 and first met over 5-6 June 1997. Under the Bank of England Act 1998 all the then serving members were formally (re) appointed as of 1 June 1998. The Governor and Deputy Governors are members of the MPC for 5 years concurrent with their terms of office. All other members are appointed for 3 year terms although some were initially shorter so as to stagger the end points.

From 6 May 1997 Eddie George (Governor) and Howard Davies (Deputy Governor) became de facto members of the interim MPC. On 14 May 1997 Mervyn King (Executive Director, Monetary Analysis), Ian Plenderleith (Executive Director, Financial Markets and Operations) are appointed by the Court of the Bank of England. From 2 June 1997 Willem Buiter and Charles Goodhart are appointed to the interim MPC.

At first meeting 5—6 June 1997, the interim MPC comprises: The Governor, Howard Davies, Mervyn King, Ian Plenderleith, Willem Buiter, Charles Goodhart.

31 July 1997: Howard Davies leaves to become the Chairman of FSA

1 September 1997: David Clementi appointed Deputy Governor to replace Howard Davies.

DeAnne Julius joins the interim MPC.

16 November 1997: Alan Budd joins the interim MPC.

1 June 1998: John Vickers becomes Executive Director, Monetary Analysis and joins the MPC as Mervyn King is appointed Deputy Governor for Monetary Policy and David Clementi becomes Deputy Governor for Financial Stability under the Bank of England Act 1998 which comes into force on 1 June.

At this point the MPC comprises: The Governor, Mervyn King, David Clementi, Ian Plenderleith, John Vickers, Alan Budd, Willem Buiter, Charles Goodhart, DeAnne Julius.

1 June 1999: Sushil Wadhwani replaces Alan Budd.

1 June 2000: Steve Nickell and Chris Allsopp replace Willem Buiter and Charles Goodhart.

1 October 2000: Charlie Bean replaces John Vickers as Executive Director, Monetary Analysis.

The Committee comprises:        Terms of Appointment

The Governor

  The Rt Hon Sir Edward George      1 July 1998—30 June 2003

              (second term)

Two Deputy Governors  

  Mr Mervyn King        1 June 1998—31 May 2003

  Mr David Clementi        1 September 1997—31 August 2002

Two Bank Executive Directors

  Mr Ian Plenderleith        1 June 1999—31 May 2002 (second term)

  Mr Charlie Bean          1 October 2000—31 May 2001

Four experts appointed by the Chancellor  

  Mr Christopher Allsopp        1 June 2000—31 May 2003

  Dr DeAnne Julius        1 June 1998—31 May 2001

  Prof. Steve Nickell        1 June 2000—31 May 2003

  Dr Sushil Wadhwani        1 June 1999—31 May 2002