Harvard academic and former Goldman analyst starts as central bank's next chief economist on Monday
Bank of England's new chief economist Huw Pill. Picture: MARTIN LEISSL/BLOOMBERG
He last worked at Threadneedle Street in the early 1990s, starting his career around the same time as the previous two chief economists — Spencer Dale and Haldane, the latter of whom left that job in June. The appointment marks a setback in governor Andrew Bailey’s push for diversity at the Bank, this role being the only one on the MPC that he gets to appoint himself. All but one of the institution’s top echelon is male and only two of the nine-member rate-setting panel are women.
It also defines the BoE’s rate-setting panel as one of the most investment-bank heavy of the advanced world. Aside from Broadbent and Pill, two other members — Michael Saunders and the newly appointed Catherine Mann — both worked for Citigroup. Pill would have been one of the ECB’s most senior British officials, a pedigree that may make him stand out in a public environment in the UK where any prior association with the EU risks carrying a political stigma.His appointment comes at a critical juncture in monetary policy. The BoE predicts inflation will reach 4% by the end of the year — double its target — though officials view the pickup as temporary.
The previous incumbent, Haldane, reshaped his role to explore ideas beyond conventional monetary policy ranging from inequality to automation, an approach that won him plaudits and increased his profile but also attracted controversy. Pill’s prior comments suggest he could favour a narrower approach.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LOOK: Brazen bank robbers strap hostages to getaway cars during deadly raidThe assailants placed explosives in different parts of the city and surrounded some police stations to delay the arrival of reinforcements. crime brazil bankrobbers
Read more »
Standard Bank apologises to customers for app disruptionsCustomers that use the Standard Bank's mobile banking App have experienced slower response times and intermittent access when attempting to log on, according to s statement from the bank.
Read more »
Standard Bank apologises to customers for app disruptionsCustomers that use the Standard Bank's mobile banking App have experienced slower response times and intermittent access when attempting to log on, according to s statement from the bank.
Read more »
Suspect in court for allegedly selling abortion pillsA 25-year-old man appeared in the Zwelitsha Magistrate’s Court in the Eastern Cape for allegedly selling abortion tablets to members of the community.
Read more »
Property's the best way to investThings are just at the tip of our fingers, we have digitally smart banks where you invest your money and watch it growing rapidly without going to the bank.
Read more »
Tol A$$ Mo becomes a sangoma to 'heal family generations'Funny man, Tol A$$ Mo (real name Mongezi Mahlangu), has answered his ancestral calling.
Read more »