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Chancellor of the Exchequer Rachel Reeves has today confirmed that Professor Alan Taylor will join the Monetary Policy Committee (MPC) on 2 September for a 3-year term, replacing current external member Professor Jonathan Haskel who has been on the MPC since September 2018.
Professor Taylor is an economist and currently Professor of International and Public Affairs at Columbia University, New York. He has served as a senior advisor to major financial institutions including Morgan Stanley and PIMCO, is a visiting scholar at the Bank of England and has published papers in the fields of macroeconomics, international economics, finance and economic history.
The Chancellor of the Exchequer, Rachel 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.
Andrew Bailey, Governor of the Bank of England, said:
I’m really pleased Alan Taylor will be joining the Monetary Policy Committee 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.
About Professor Alan Taylor
Professor Alan Taylor is an economist and currently Professor of International and Public Affairs at Columbia University. He has served as a senior advisor at Morgan Stanley, PIMCO and McKinsey. He is a research associate of the National Bureau of Economic Research and is a research fellow of the Centre for Economic Policy Research. He is also visiting scholar at the Bank of England. He has published papers in leading academic journals in the fields of macroeconomics, international economics, finance and economic history.
Born in Wakefield, Professor Alan Taylor graduated from King’s College, Cambridge, before receiving his PhD in Economics from Harvard University.
About the MPC
The MPC has operational independence for monetary policy. It is comprised of the Governor of the Bank of England, three Deputy Governors, the Bank of England’s Chief Economist and four external members. External members, who are appointed by the Chancellor, may serve up to two three-year terms on the MPC.
The appointment of external members to the MPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank. Each member of the MPC has expertise in the field of economics. They are independent and do not represent particular groups or areas.
About the appointment process
Professor Alan Taylor has been appointed by the Chancellor following a fair and open recruitment process run by HM Treasury. The Advisory Assessment Panel (AAP) comprised of Sam Beckett (Second Permanent Secretary and Chief Economic Advisor, HM Treasury), Daniel Gallagher (Director of Economics, HM Treasury), Silvana Tenreyro (Professor of Economics, London School of Economics) and Dame Colette Bowe (external member of the Financial Policy Committee). The AAP advised the Chancellor, informing her decision.
The Treasury is committed to appointing a diverse range of people to public appointments, including at the Bank of England. The Treasury continues to take active steps to attract the broadest range of suitable applicants for posts.