Shadow Monetary Policy Committee.

The Shadow Monetary Policy Committee (SMPC) is a group of independent economists whose purpose is to monitor the decisions of the Bank of England’s official Monetary Policy Committee and make policy recommendations of its own.

The SMPC has met once a quarter since July 1997 at the Institute of Economic Affairs (IEA). In those months where there is not a physical gathering, the SMPC conducts an email poll.

Most members are available for press comment and media appearances. Please contact the IEA’s communications team if you would like to speak with one.

SMPC minutes are distributed by the IEA and posted on the IEA website. Minutes from the last twelve months are available here:

April, 2024

January, 2024

October, 2023

July, 2023

May, 2023

January, 2023

October, 2022

July, 2022

January, 2022

October, 2021

July, 2021

April, 2021

January, 2021

October, 2020

July, 2020

SMPC membership

Joint Chairmen:

Dr Andrew Lilico (Europe Economics)

Professor Trevor Williams (Derby University, TW Consultancy)


Professor Kent Matthews (Cardiff Business School)

Other current members:

Professor Philip Booth (IEA Senior Academic Fellow and St Mary’s University)

Roger Bootle (Capital Economics)

Dr Juan Castañeda (Institute of International Monetary Research and University of Buckingham)

Professor Tim Congdon (Institute of International Monetary Research and University of Buckingham)

Jamie Dannhauser (Ruffers LLP)

John Greenwood (AMVESCAP)

Julian Jessop (IEA Economics Fellow)

Graeme Leach (Macronomics)

Professor Patrick Minford (Cardiff Business School, Cardiff University)

Professor Akos Valentinyi (Cardiff Business School, Cardiff University)

Dr Peter Warburton (Economic Perspectives Ltd)

Michael Wickens (University of York and Cardiff Business School)

Other IEA Work on Monetary Policy

The IEA has contributed to the debate on macro-economic and monetary analysis since its inception. Other IEA publications on monetary policy can be found by searching the website by issue, for example Were 364 Economists All Wrong?, Money and Asset Prices in Boom and Bust) and Issues in Monetary Policy: the relationship between money and financial markets.