Barker and Budd will start their roles tomorrow and will work with Robert Barrie, head of European economics, and Credit Suisse’s economics and research teams, the Zurich-based bank said in an e-mailed statement in London today.
Barker left the Bank of England in May after being the only external policy maker on the Monetary Policy Committee to have served three three-year terms. Budd, who is returning to Credit Suisse after joining the bank in 1999, recently helped set up the U.K.’s new independent fiscal watchdog, the Office for Budget Responsibility.
“As the longest-serving external appointee to the U.K. Monetary Policy Committee, Kate has a unique insight into the formation of monetary policy,” Barrie, a former Treasury official, said in the statement. “We look forward to her sharing the benefit of her experience with our clients.”
Budd, a former chief economist at the U.K. Treasury, ran the OBR as interim chairman from its creation after Britain’s May 6 general election until August. He joined the MPC in December 1997, shortly after the central bank gained independence from the government, and left in May 1999.
“We are delighted to welcome Sir Alan back to Credit Suisse following his break to return to public service,” Barrie said.
Barker, a former economist at the Confederation of British Industry, the U.K.’s biggest business lobby, specialized in the housing market during her time at the central bank. She published reports for the former Labour government on housing supply and land-use planning.
Barker told CNBC television last week that the case for the Bank of England to add further stimulus to the economy is looking “less certain” because of concern on inflation. “As the economy stands today, it’s an open question,” she said.
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