Market backtracks following death of David Walton

David Walton an external member of the Bank of England’s Monetary Policy Committee died yesterday, aged 43, following a short illness.

Walton was the only member in favour of an interest rate increase in the last two Monetary Policy Committee meetings.

His death has caused the financial markets to back track, sending short sterling interest rate futures up and the pound down against both the euro and the dollar.

Mervyn King, governor of the Bank of England, says: “All our thoughts are with David’s wife, his young children and his parents.

“David inspired the respect and affection of all his colleagues in the Bank, and today’s news has come as a shock to us all, as it will to those who knew him in the City, where he made his reputation as an economist.”