BoE chief economist Haldane to step down in June
By Michele Maatouk
Date: Tuesday 13 Apr 2021
(Sharecast News) - The Bank of England said on Tuesday that chief economist Andy Haldane is leaving in June.
Haldane is leaving the Bank to become chief executive of the Royal Society for Arts, Manufactures and Commerce (RSA).
Governor Andrew Bailey 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."
Haldane has worked for the central bank for more than 30 years, leading both its financial stability and monetary analysis areas and serving as a member on the Financial Policy Committee and Monetary Policy Committee.
Kallum Pickering, senior economist at Berenberg, said Haldane's departure could lead to the MPC taking "a more dovish tilt".
"But since we do not expect any policy changes for the remainder of 2021, this should not affect any policy outcomes," he added.
"Markets will need to reassess the new policy tilt of the committee once the new chief economist takes her or his place.
"Our BoE calls remain unchanged. We continue to expect the BoE to complete its asset purchases by year end - in line with latest BoE guidance. In 2022 the BoE is likely to set out an exit strategy from its ultra-easy policy stance before hiking the bank rate in 2023. The potential for upside surprises in economic performance and inflation tilts the risks for the first hike towards a hike at the end of 2022."
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