(1) There shall be a committee of the Bank, to be known as the Monetary Policy Committee of the Bank of England, which shall have responsibility within the Bank for formulating monetary policy.

(2) The Committee shall consist of-

(a) the Governor of the Bank,

(aa) the Deputy Governor for financial stability,

(aaa) the Deputy Governor for markets and banking,

(ab) the Deputy Governor for monetary policy,

(b) one member (to be known as the Chief Economist of the Bank) appointed by the Governor of the Bank after consultation with the Chancellor of the Exchequer, and

(c) 4 members appointed by the Chancellor of the Exchequer.

(3) The member appointed under subsection (2)(b) shall be a person who carries out monetary policy analysis within the Bank.

(4) Before appointing a person under subsection (2)(c) the Chancellor of the Exchequer must -