Move to create city's shadow Monetary Policy Committee

Pro.Manchester's chief executive John Ashcroft is planning to create a shadow Monetary Policy Committee in the city.

The leader of the professional services organisation - who is in the midst of revitalising it - believes the shadow MPC will paint a better regional perspective and increase understanding of economic issues.

Mr Ashcroft, who joined the pro.manchester late last year, is a member of the Society of Business Economists and argues the shadow MPC idea can only be "good news for Manchester."

"I've discussed the idea with the Chamber and the Commission for the New Economy and I'd like to have the first meeting in May. There would obviously be members from pro.manchester on the committee and also I think from the universities, the IoD, MIDAS and Marketing Manchester."

The Bank of England's Monetary Policy Committee is a nine-strong group of independent economists who meet every month to decide the country's interest rates.

Mr Ashcroft said he has discussed the idea with John Young, the Bank of England's agent in the North West, and also with Kate Barker and John Sentance, two members of the real Monetary Policy Committee, and the response had been positive.

"This is all about getting a better regional persepctive, it will be a good thing to do for Manchester and will increase business intelligence as we'd produce a quarterly report as well as hold a monthly panel."