Ninth member of the Bank's MPC revealed

Martin Weale, director of the National Institute of Economic and Social Research (NIESR), replaces Kate Barker, who left at the end of May.

His appointment to the Bank's monetary policy committee (MPC) is the first made by Chancellor George Osborne and the coalition Government. The Treasury appoints the four external members of the MPC, with the remaining five positions held by full-time Bank staff.

Cambridge educated Dr Weale has also worked in the US, Malawi and in academia in Britain. He will take up his new post in time for the August rates meeting, although his work providing forecasts and comment for NIESR stops with immediate effect.

However, he will remain on the management side to ensure an orderly transition as his successor is appointed.

Dr Weale has been a director of NIESR since 1995 and was appointed CBE for his services to economics in 1999.

The Treasury confirmed it received 38 applications for the post, of which four were from women.

Mr Osborne said: "His experience of economic forecasting and data analysis derived from 15 years as director of the NIESR will be extremely valuable to the committee."

Howard Archer, chief economist at IHS Global Insight, said: "Dr Weale is highly respected and brings in a wealth of experience, a strong analytical mind and an independent stance.

"We get the impression that as things stand, Dr Weale is not in any hurry to raise interest rates."