By Marcus Leach

The Chancellor has today confirmed that Ben Broadbent has been appointed to succeed Andrew Sentance as the external member on the Monetary Policy Committee (MPC).

Broadbent’s appointment will take effect as of June 1st 2011, bringing to an end Sentance’s four and a half year tenure on the MPC.

“I am delighted that Ben Broadbent has agreed to join the Monetary Policy Committee,” the Chancellor said.

Having spent over ten years at Goldman Sachs, where he has been Managing Director since 2006, Broadbent brings a wealth of experience to the MPC.

“His (Broadbent’s) broad professional experience in the financial sector and academia, as well as his detailed knowledge of the UK economy, will be extremely valuable to the Committee,” the Chancellor added.

“I would like to take this opportunity to thank Andrew for his original analysis and many other invaluable contributions to the debate during his two terms on the Committee since 2006.”