UK Chancellor George Osborne gives McCafferty a second term but David Miles is flying the nest

Yesterday Georgie boy announced that one of the main hawks on the MPC, Ian McCafferty will serve a second term and they will soon start looking for a successor to departing David Miles who is coming to the end of his second term.

McCafferty and Martin Weale have been the banks biggest hawks and both voted for rate hikes last year, before then turning back to neutral. Keeping McCafferty on keeps the partnership going.

David Miles is more down the dovish end and his term ends in August, which puts his replacement firmly in the firing line on rate decisions

The market will want to know as soon as possible who his replacement is and what side he or she butters their bread on

McCafferty stays, Mile's says cheerio