The British government has announced the reappointment of Dr Swati Dhingra as an external member of the Bank of England’s Monetary Policy Committee (MPC) for a second three-year term. Dhingra, who initially joined the MPC in August 2022, will now serve in the role until August 8, 2028.
Indian-born economist Dr Swati Dhingra has been the Bank of England's most consistent advocate for looser monetary policy.
Recently, she voted for a larger half-point rate cut to 4.25%, diverging from the majority’s preference for a quarter-point reduction.
BoE policy minutes cited her concerns over a "subdued outlook for demand" weighing on inflation, despite a near-term rise in regulated prices.
Dhingra is also an Associate Professor of Economics at LSE and an Associate at its Centre for Economic Performance. Her research has been funded by major bodies, including the ESRC and ERC, and she won the ONS Research Excellence People’s Choice Award in 2019. Since January 2023, she has served as Director of the ‘Review of Economic Studies’. She has also been a member of the UK’s Trade Modelling Review Expert Panel and LSE’s Economic Diplomacy Commission.
Riz Malik, a Newspage expert and Independent Financial Adviser at R3 Wealth, remarked, "Swati has long been a strong advocate for base rate cuts, though often unsuccessfully. Her reappointment is promising for those hoping for further reductions, but with the MPC’s decision-making process, she will need others to align with her stance."
In 2022, then-former Prime Minister Rishi Sunak, who had previously served as Chancellor, appointed Dr Swati Dhingra as the next member of the Bank of England’s interest rate-setting committee. She replaced Michael Saunders, who had served as an external member of the Monetary Policy Committee (MPC) since August 2016. In an interview with The Guardian, Dhingra revealed that she was surprised when she received the call from Sunak in May, inviting her to join the MPC.
During the appointment, Rishi Sunak stated, "Dr Swati Dhingra’s expertise in international economics will be a valuable addition to the MPC. I am pleased to appoint her to this role and look forward to her contributions to policymaking in the years ahead.”
She was also one of the panellists at the Women in Conversation panel discussion by Asian Voice in association with the Royal Air Force in March 2023.
