Economics professor to join Bank of England rate setters

The Bank of England has appointed a new member to its rate-setting committee.

Chancellor Rachel Reeves confirmed yesterday that economics professor Alan Taylor will join the nine-member Monetary Policy Committee (MPC) for a three-year term.

He will replace outside committee member Jonathan Haskel, who is stepping down after six years.

Taylor, who was born in Wakefield, West Yorkshire, is a professor of international and public affairs at Columbia University, New York.

He has served as a senior advisor to major financial institutions including Morgan Stanley and Pimco, and is a visiting professor at the Bank of England.

Reeves said Taylor’s “substantial experience in both the financial sector and academia will bring valuable insights to the MPC.”

He also thanked Haskel “for all his work since joining” the committee.

The bank’s governor, Andrew Bailey, said: “I am really pleased that Alan Taylor will be joining the MPC this autumn, bringing his extensive knowledge and experience.

“I also want to thank Jonathan Haskel. He will be missed.”