Bank of England chief economist Andy Haldane. Picture: REUTERS/TOBY MELVILLE
Bank of England chief economist Andy Haldane. Picture: REUTERS/TOBY MELVILLE

London — Bank of England (BOE) chief economist Andy Haldane will leave the central bank this summer, ending a three-decade career that’s been marked by quirky speeches and, more recently, contrarian views on the economy.

Haldane, who sits on the BOE’s monetary policy committee, will become CEO at the Royal Society for Arts, Manufactures and Commerce think-tank from September, the central bank said Tuesday. He will step down from the central bank after the June policy decision.

The departure of the 53-year-old will remove one of the more hawkish members of the interest-rate committee. Haldane had pushed back against more negative views of the economy’s prospects after Covid and, in March, said the UK could see a “rip roaring” recovery, a view that is significantly more optimistic than the official BOE forecasts he oversaw.

The pound declined as much as 0.3% to $1.3695 after the news was announced.

“With his departure the balance of votes could shift to the dovish side,” said Valentin Marinov, head of G10 FX strategy at Credit Agricole. “It would be difficult to find any chief economist who shares Haldane’s views on inflation at present. I would see the development as pointing at a less hawkish BOE.”

Haldane joined the BOE in 1989 after gaining a masters in economics from Warwick University.

He logged experience at the central bank in international finance, market infrastructure and financial stability during the financial crisis, before clinching his current role under previous governor Mark Carney in 2014. That year, Time magazine named him one of the world’s 100 most influential people.

The BOE will advertise for a successor “in due course”, it said.

Haldane is known for his occasionally quirky speeches, having used Dr Seuss to bemoan the reading age needed to understand the central bank’s communications, and used the metaphor of a dog catching a frisbee to analyse banking rules.

Haldane has also led the government’s Industrial Strategy Council and is the co-founder of charity Pro Bono Economics.

Bloomberg  

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