Jonathan Haskel appointed to Bank of England rate-setting committee

PA

Economics professor Jonathan Haskel has been appointed to the Bank of England's interest rate-setting committee, replacing Ian McCafferty.

Mr Haskel is currently a professor of economics at Imperial College Business School and joins the Bank's nine-strong Monetary Policy Committee (MPC) as an external member for a three-year term, which will take effect from September 1.

Mr McCafferty, considered a "hawk", will come to the end of his second term on August 31.

Chancellor Philip Hammond, who oversaw the appointment, 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."

Mr Haskel has also been head of the economics department at Queen Mary University of London, and is a non-executive director of the UK Statistics Authority.

He joins the committee during a period of turmoil, with the economy stuttering, Brexit clouds gathering and the path for interest rates uncertain.

Bank of England Governor Mark Carney said: "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."

The Treasury also disclosed that 27 applications for the position were received after 87 potential applicants were contacted to inform them of the vacancy, 44 of who were women.

Five candidates were shortlisted for interview - four women and one man.