Industry

08 OCT 2018

BANK OF ENGLAND ECONOMIST TO LEAD NEW INDUSTRIAL STRATEGY COUNCIL

The government has announced the appointment of the Bank of England chief economist Andy Haldane to head up a new body responsible for scrutinising the progress of the Industrial Strategy.

Haldane will chair the Industrial Strategy Council - an independent commission that will provide regular policy advice and recommendations to government, with its first meeting planned for November.

The council will meet three or four times a year and publish a regular report on the government’s progress on implementing its Industrial Strategy. The new chair is responsible for research and statistics as well as being a member of the Monetary Policy Committee at the Bank of England. November’s inaugural meeting will involve senior individuals from business, academia and civil society from all corners of the UK.

It comes nearly a year after the business secretary, Greg Clark, announced the creation of the council. He said it would monitor progress made in boosting innovation, upgrading infrastructure and increasing the level of workplace skills.

Commenting on the appointment, Clark said: “We are getting on with delivering the modern Industrial Strategy with record levels of investment in R&D, the fastest growth in infrastructure spending in the G7, the biggest shakeup to technical education in a generation and Sector Deals to put the UK at the forefront of the industries of the future. I am delighted that Andy Haldane has taken on this important role which will give the Council authority and independence, as well as the benefit of his thought leadership in this area.”

Haldane will meet annually with the business secretary and the chancellor to discuss its work programme and progress.

“The Industrial Strategy is one of the most critical strands of work taking place across government and has the potential to raise living standards across the whole of the UK, boost people’s earning powers and put the UK at the forefront of future industries internationally,” the new chair said. “I am delighted and honoured to take the role of Chair of the Industrial Strategy Council and look forward to working with leading business men and women, investors, economists, and academics to provide impartial and independent evaluations of the government’s progress in delivering on the Industrial Strategy.”

Haldane will be chairing the Industrial Strategy Council in a personal capacity during his term of office and will not receive a salary for the role.

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