Megan Greene reappointed to Bank of England MPC 2029

Megan Greene has been reappointed as an external member of the Bank of England’s Monetary Policy Committee, extending her service to 4 July 2029. Her first three‑year term was due to end on 4 July 2026; this second term keeps her at the table for a further three years. The decision, announced by Chancellor Rachel Reeves and welcomed by Governor Andrew Bailey, is presented as stability while the Bank continues to steer inflation toward target.

If you’re new to this: the MPC sets Bank Rate - the interest rate that influences what you pay on mortgages and loans and what you earn on savings. It brings together the Governor, three Deputy Governors, the Bank’s Chief Economist and four external members. They vote as individuals and are independent of day‑to‑day politics, aiming to meet the government’s 2 per cent inflation target.

External members are chosen by the Chancellor to bring outside expertise into the room. They may serve up to two three‑year terms and do not represent any industry or region. Their role is to test assumptions, bring new evidence and explain decisions to the public, which is why these appointments matter for transparency as well as for policy.

Continuity matters. Rate decisions build over time, and a steady line‑up helps everyone read the signals more clearly. In the government’s announcement, the Chancellor highlighted stability and market experience; the Bank, through Andrew Bailey, noted Greene’s significant contribution. Together, those messages tell us the institutions want consistent judgement as inflation pressures ease but have not fully disappeared.

What this means for you: one voice does not decide Bank Rate, but each vote shapes the outcome. Greene’s reappointment means one of the nine votes through to 2029 will continue to come from an economist with deep markets experience and an established record on the committee. For anyone budgeting for rent, mortgages or student finance, this is a reminder that people - and how they read the data - influence the path of borrowing costs.

Who is she? According to the UK government and the Bank of England, Greene is an economist affiliated with Brown University’s Watson Institute and Chatham House, and she teaches at London Business School. She has advised the San Francisco Federal Reserve, the Rebuilding Macroeconomics network and Econofact, and is affiliated with the Council on Foreign Relations and the Bretton Woods Committee.

Before joining the MPC, Greene was Global Chief Economist at Kroll and at John Hancock Asset Management, a Senior Fellow at Harvard Kennedy School, and a Financial Times columnist. She also served on the International Advisory Committee of the Hong Kong Stock Exchange. Her academic background includes a BA in Political Economy from Princeton and an MSc in International Relations from the University of Oxford (Nuffield College).

A quick note on process: reappointments are not automatic. Each case is assessed on its merits and made in line with the Governance Code for Public Appointments. The government also recorded that Greene has not engaged in political activity in the last five years - a standard transparency check for public roles.

How decisions are made and how you can follow them: MPC members study the data, debate the outlook and then vote. The Bank publishes minutes and the vote split after each decision, so you can track how views evolve. In the classroom, comparing a past set of minutes with later inflation data is a simple way to practise evidence‑based reading.

What to watch next: with Greene’s second term running to 4 July 2029, pay attention to her speeches and the explanations around each vote. Read the Bank’s minutes alongside Treasury statements to see how independent monetary policy fits with broader economic goals. Building that habit will help you read future appointments and rate decisions with confidence.