This credit squeeze will feed through to slower growth in three main areas, according to Charles Bean, the Bank of England's chief economist.

ECONOMIST: Economic troubles: When the credit dries up | The

Bank of England deputy governor Charles Bean was also quoted as saying the Bank may have no choice but to increase rates if commodity prices rise further.

BBC: Builders at work

Sushil Wadhwani and DeAnne Julius, who had voted for a cut in December, were joined this month by Charles Bean, the Bank's chief economist, and Christopher Allsopp, one of the external members.

BBC: Bank split on rate cut

Sorrell is a Cambridge and Harvard graduate from North London, a self-described "bean counter" who made his mark as the finance director of the ad gurus, Charles and Maurice Saatchi.

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