Bank of England appoints Alan Taylor to rate-setting committee

He will take over from current Monetary Policy Committee member Jonathan Haskel, who is stepping down after six years.

The Bank of England has hired a new member for its rate setting committee (John Walton/PA) (PA Wire)

Economics professor Alan Taylor has been appointed as the newest member of the Bank of England committee setting interest rates.

Chancellor Rachel Reeves confirmed on Friday that Mr Taylor will join the nine-strong Monetary Policy Committee on a three-year term.

He will take over from current external committee member Jonathan Haskel, who is stepping down after six years.

Mr Taylor, who was born in Wakefield, West Yorkshire, is currently a professor of international and public affairs at Columbia University, New York.

He has served as a senior adviser to major financial institutions including Morgan Stanley and Pimco, and is a visiting scholar at the Bank of England.

Ms Reeves said: “Professor Alan Taylor’s substantial experience in both the financial sector and academia will bring valuable expertise to the Monetary Policy Committee.

“I would also like to thank Professor Jonathan Haskel for all his work since he joined the Monetary Policy Committee.”

Bank governor Andrew Bailey said: “I’m really pleased Alan Taylor will be joining the MPC this autumn, bringing with him his extensive knowledge and experience from his career in academia.

“This is an important time for the committee and we will no doubt benefit from Alan’s contributions to our debates.

“I would like to also thank Jonathan Haskel for his service on the Committee over the past six years. He will be missed.”