Yesterday, when we wrote about the Bank of England’s decision to keep the interest rate steady for another month, we told how the one dissenting voice was David Walton. We were a little taken aback to discover that just minutes after publication, Mr Walton’s death was announced.
Mr Walton was 43, joined the Monetary Policy Committee on July 1 last year, and made his mark as something of a hawk, often going against the pack voting for a rise
Mr Walton spent most of his working life at Goldman Sachs, and it was while there, that he and a colleague, Gavyn Davies, came up with an idea that guarantees them both a place in the economists hall of fame. They devised the golden rule and sustainable investment rule as a way for keeping government borrowing in check. These are the very same principles so enthusiastically adopted by Gordon Brown.
Bank Of England governor Mervyn King said of Mr Walton: “David had a wonderfully clear mind, an independence of thought, and was a warm and generous colleague. His contributions to MPC meetings were marked by all three attributes. He will be deeply missed, both as a friend and professional colleague.”
Gordon Brown said: “David Walton made a great contribution to economics and economic policymaking in this country and I am deeply saddened by his sudden and early death.”
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