Andy Haldane reappointed to Bank of England monetary policy committee

Jasper Jolly
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The Bank of England's monetary policy committee meets this week (Source: Getty)

The Bank of England has re-appointed its chief economist Andrew Haldane to its top monetary policymaking body.

Bank governor Mark Carney appointed Haldane for another three-year term on the monetary policy committee (MPC), starting with immediate effect today.

The appointment, which was only a formality, was approved by the chancellor, Philip Hammond.

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The MPC meets on Wednesday to decide its latest monetary policy stance, with investors likely to scrutinise Thursday's minutes for the Bank's view on the shock General Election result.

The MPC will be one member short for the second meeting in a row after the sudden resignation of former deputy governor Charlotte Hogg.

The appointment of a successor to Hogg was complicated by the purdah period during the election campaign, during which civil service activity is limited to avoid giving government an advantage.

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Wednesday's meeting will also be the last time Kristin Forbes contributes to a monetary policy decision. Forbes, an external MPC member appointed by the Treasury, leaves the Bank in June to return to academia, with a replacement likely to be announced before the next meeting in August.

The monetary policy views of Forbes' replacement will be closely scrutinised, given her hawkish voting record. She has cast the sole vote for higher interest rates at the previous two meetings.

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