Britain names economist Alan Taylor to join Bank of England rate committee
2024.08.16 07:40
LONDON (Reuters) – Economist Alan Taylor will join the Bank of England’s monetary policy committee, Britain’s finance ministry said on Friday.
Taylor, who will replace current external member Jonathan Haskel, is currently Professor of International and Public Affairs at Columbia University, New York.
Taylor has also served as a senior advisor at Morgan Stanley, PIMCO and McKinsey.
Haskel joined the MPC in September 2018 and will soon complete his second three-year term, the maximum for an external member of the committee.
One of the most hawkish members of the MPC, Haskel was in the minority of 4 out of 9 members who voted to keep rates on hold for its Aug. 1 interest rate announcement.
The BoE cut Bank Rate to 5.0% from a 16-year high of 5.25%.
While inflation did fall back to the BoE’s 2% target in May and June, Britain has suffered a bigger rise in consumer prices over the last few years than most other countries in Western Europe.
