Jonathan Haskel to replace Ian McCafferty on Monetary Policy Committee

Professor Jonathan Haskel has been appointed as an external member of the Bank of England’s Monetary Policy Committee, replacing Ian McCafferty - who has been regarded as one of the MPC's most hawkish members - for a three-year term starting in September.

Related topics:  Finance News
Rozi Jones
20th June 2018
Jonathan Haskel
" I look forward to contributing to the MPC’s vital role in maintaining the UK’s price stability and communicating its thinking"

However the Treasury has come under fire for selecting the only man out of a shortlist of five candidates, leaving the MPC with just one female member.

In its Gender Pay Gap report, the Bank of England said that while it is confident that men and women are paid equally for doing equivalent jobs across the Bank, the main reason for its "organisation-wide gender pay gap" is an imbalance of male and female colleagues across the organisation.

Haskel is currently a Professor of Economics at Imperial College Business School, where he will continue to teach part time, and prior to that was Head of the Economics Department at Queen Mary, University of London.

He is also a non-executive director of the UK Statistics Authority and has expertise in productivity growth, and particularly intangible assets.

Chancellor of the Exchequer, Philip Hammond, said: "I am delighted that Professor Haskel is joining the MPC. I am confident that his expertise in productivity and innovation will further sharpen the Committee’s understanding of the British economy.

"I also want thank Ian McCafferty for his six years of service. His insights from business have been invaluable and I wish him well for the future."

The Governor of the Bank of England, Mark Carney, commented: "I am delighted to welcome Jonathan Haskel to the Monetary Policy Committee and am very much looking forward to working with him. His broad academic experience and the depth of his knowledge on productivity and innovation will be hugely valuable to the Committee as we seek to promote the good of the people of the United Kingdom by maintaining monetary stability.

"I would also like to thank Ian McCafferty for his service to the Monetary Policy Committee over the past six years. Our discussions have benefitted greatly from Ian’s profound knowledge of the UK economy and his carefully argued views on monetary policy."

Professor Haskel added: "I’m truly honoured to be nominated to the MPC and to follow Ian McCafferty who has been such a dedicated and hard-working member over the last six years, especially with his work visiting schools. I look forward to contributing to the MPC’s vital role in maintaining the UK’s price stability and communicating its thinking."

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