MPC member’s death causes market jitters

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

Walton was the only committee member to vote in favour of an interest rate rise in the last two meetings. His death 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 BoE, says: “At the moment 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 this news is a shock to us all, as it will be to those who knew him in the City where he made his reputation as an economist.”