New face for rate-setting committee as Ian Mccafferty leaves

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

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 1 September.

Mccafferty, considered a “hawk”, will come to the end of his second term on 31 August.

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.”

Haskel has also been head of the economics department at Queen Mary University of London, and is a nonexecutive 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.

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 being women.

Five candidates were shortlisted for interview – four women and one man. 0 Ian Mccafferty comes to end of second term on 31 August