Imperial professor joins Bank of England Monetary Policy Committee

Professor Jonathan Haskel has today been appointed to the Bank of England’s Monetary Policy Committee.

Professor Haskel, Chair of Economics at Imperial College Business School, joins the nine-member Monetary Policy Committee (MPC) which sets the UK’s interest rates and other aspects of monetary policy, such as quantitative easing and forward guidance. 

“I am confident that his expertise in productivity and innovation will further sharpen the Committee’s understanding of the British economy.” Philip Hammond Chancellor of the Exchequer

Professor Haskel will be appointed for a three-year term as one of four external members, which will take effect from 1 September 2018. He will replace Ian McCafferty, who will come to the end of his second term on 31 August 2018.

The Monetary Policy Committee (MPC) is made up of nine members – the Governor Mark Carney, the three Deputy Governors for Monetary Policy, Financial Stability and Markets and Banking, the Chief Economist and four external members appointed directly by the Chancellor. External members ensures that the MPC benefits from thinking and expertise from outside of the Bank of England. 

Maintaining stability

The Governor of the Bank of England 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.

“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.”

The Chancellor, 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.”

Commenting on his appointment, Professor Haskel said: “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”.

Professor Francisco Veloso, Dean of Imperial College Business School said: “I would like to extend my warmest congratulations to Jonathan on this appointment, which reflects his recognition as one of the leading international authorities in economics. His research and intellectual leadership is among the best in our school and we are honoured to have him in our faculty.”

Professor Haskel is a leading UK economist, whose main research interests are in productivity, innovation, intangible investment and growth. His most recent book is Capitalism without Capital: The Rise of the Intangible Economy, co-authored with Stian Westlake.

In 2017, Professor Haskel was awarded the Indigo Prize, a new economics prize that celebrates radical and creative thinking in how to measure the modern economy.

He is a non-Executive Director of the UK Statistics Authority and has also held roles at the Financial Conduct Authority Competition Decisions Committee and the Payment System Regulator Enforcement and Competition Decisions Committee. 

The full announcement is available to view on the HM Treasury website.