MPC member to step down in June
Bank of England MPC member and chief economists Andy Haldane will leave his post in June, the BOE said in a release.
Haldane will become chief executive of the Royal Society for Arts, Manufactures and Commerce.
Here's the statement:
Andy has worked for the Bank for over thirty years, leading both its financial stability and monetary analysis areas during that time and serving as a member on both the Bank's Financial Policy Committee (FPC) and Monetary Policy Committee (MPC). In addition to his contribution to the Bank, Andy has also led HM Government's Industrial Strategy Council, as well as co-founding Pro Bono Economics, a charity dedicated to using economics to empower the social sector.
Andy will step down from the MPC after its June meeting. He will then take up his post at the RSA in September. The Bank will advertise for a successor to Andy in due course.
Andy Haldane, Chief Economist, said: "The Bank is a fantastic institution and I loved my 32 years in public service there. I will miss hugely my brilliant colleagues and friends but know that, under Andrew's exceptional leadership, they will continue to serve the people of the UK with distinction. I am thrilled to have the opportunity to lead another great British institution, the RSA. For 250 years, it too has served society with distinction, combining the very best of public service, commercial innovation and civic participation. I am delighted to be helping write the next chapter in the RSA's illustrious history".
Andrew Bailey, Governor, said: "Andy has been an exemplary public servant over his more than three decades at the Bank, making major contributions to the Bank's work in financial stability and monetary policymaking. He has also been an imaginative and creative thinker on the wide range of issues the UK economy faces, as well as helping create and drive forward new ways for the Bank to engage with the public. He will be sorely missed but I know the RSA will be well served by Andy as Chief Executive."
This is a surprise for the 53-year-old. He was a candidate to replace Carney but was passed over.
He frequently floated negative rates last year but that debate went nowhere and turned into a distraction. Here are his latest comments on the economy.
He's taken a hawkish turn lately (or at least optimistic). Cable is down on this announcement and that could be related.
