Chancellor George Osborne said on Tuesday he had re-appointed Martin Weale to serve on the Bank of England's Monetary Policy Committee for a further term.

Prior to joining the central bank, Weale had led the National Institute of Economic and Social Research.

"I've decided to re-appoint Martin Weale as external member to the Monetary Policy Committee. He's a wise and valued member of the committee and I'm delighted he has agreed to continue his service," Osborne told parliament.

Weale is one of the nine-strong committee that sets British interest rates.

(Reporting by David Milliken and Alice Baghdjian)