# Bank of England names former Goldman economist Pill to top economics role Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-09-01 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Bank of England names Huw Pill as new chief economist, replacing Andy Haldane Meta Description: Former chief European economist at Goldman Sachs, currently a senior lecturer at Harvard Business School. Expected to bring significant expertise to monetary URL: https://financedigest.com/bank-of-england-names-former-goldman-economist-pill-to-top-economics-rolehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2021-09-01t140814z2lynxmpeh801uartroptp4britain-boe-1736837950285-compressed.jpg) By David Milliken and Andy Bruce LONDON (Reuters) – The Bank of England named Huw Pill, a former chief European economist at Goldman Sachs with lengthy previous experience at the European Central Bank, as its new chief economist, replacing Andy Haldane who stepped down earlier this year. Pill worked at Goldman Sachs until 2018 and is currently a senior lecturer in business administration at Harvard Business School. Much of his career was spent at the ECB, where he was deputy director-general for research, although he did work at the BoE from 1990-92 after finishing his undergraduate studies. Huw will make a major contribution to monetary policy – and to the broader [work of the Bank](https://www.financedigest.com/boes-bailey-says-bank-reforms-worked-but-questions-about-liquidity-buffers.html "BoE’s Bailey says bank reforms worked but questions about liquidity buffers"). I greatly look forward to working with him,” Governor Andrew Bailey said. The role of chief economist is the only position on the nine-member [Monetary Policy](https://www.financedigest.com/uks-ftse-100-dips-on-scope-of-tighter-monetary-policy-informa-jumps.html "UK’s FTSE 100 dips on scope of tighter monetary policy; Informa jumps") Committee that is appointed by the BoE itself, rather than by Britain’s Treasury. Haldane voted in his last MPC [meeting in June – where he called for an early end to the BoE’s current programme of asset purchases – but has remained at the BoE ahead](https://www.financedigest.com/sterling-steadies-vs-dollar-ahead-of-boe-ecb-meetings.html "Sterling steadies vs dollar ahead of BoE, ECB meetings") of starting a new role as head of the Royal Society of Arts, a public policy body. It’s always difficult to know where a new member stands on the hawk-dove spectrum until they’ve made a few speeches, but it’s unlikely that he’ll be more hawkish than Haldane as [chief economist,” said James](https://www.financedigest.com/growth-street-the-sme-finance-platform-announces-that-founder-greg-carter-has-replaced-james-sherwin-smith-as-chief-executive-officer.html "Growth Street, the SME finance platform, announces that founder Greg Carter has replaced James Sherwin-Smith as Chief Executive Officer") Smith, an economist at ING. Philip Shaw, economist at Investec, said one [individual was unlikely to change the balance](https://www.financedigest.com/balancing-cybersecurity-and-individual-privacy-new-whois-data-protections-in-2018.html "Balancing Cybersecurity and Individual Privacy – New Whois Data Protections in 2018") of argument on the MPC, but that Pill did have the heavy-weight background necessary to influence other policymakers. Financial [markets currently price in a first interest rate](https://www.financedigest.com/no-santa-rally-for-markets-as-central-banks-dampen-peak-rate-hopes.html "No Santa rally for markets as central banks dampen peak rate hopes") rise by the BoE for May 2022. Pill will start at the BoE on Sept. 6 and report to Deputy Governor Ben Broadbent, who was senior European economist at Goldman Sachs from 2000 to 2011. As a Goldman economist in late 2016, [Pill wrote that central banks](https://www.financedigest.com/bank-of-england-still-needs-to-see-the-job-through-on-inflation-pill.html "Bank of England still needs to ‘see the job through’ on inflation: Pill") appeared to be short on ammunition https://www.goldmansachs.com/media-relations/in-the-news/archive/huw-pill-op-ed-29-nov-2016.html but said they still had an important role to play as regulators of the economy. Near-zero interest [rates and quantitative easing](https://www.financedigest.com/stocks-bonds-extend-rally-on-hopes-rate-hikes-ease.html "Stocks, bonds extend rally on hopes rate hikes ease") had blurred the lines between monetary and fiscal policy, Pill said, drawing a direct link between the BoE’s purchases of British government bonds and fiscal space for the government. He said central banks’ [expanding responsibilities](https://www.financedigest.com/forescout-and-fireeye-expand-partnership-enabling-faster-response-to-cybersecurity-threats.html "FORESCOUT AND FIREEYE EXPAND PARTNERSHIP, ENABLING FASTER RESPONSE TO CYBERSECURITY THREATS") meant they had become embroiled in controversial issues, citing then-governor Mark Carney’s interventions during the Scottish independence and Brexit referendum campaigns. This, Pill said, was “a peril that may weaken the necessary independence and legitimacy of their pursuit of their [inflation target” that argued for a new social contract between central banks](https://www.financedigest.com/boes-bailey-says-rate-setters-can-put-inflation-before-bank-worries.html "BoE’s Bailey says rate-setters can put inflation before bank worries") and society. (Reporting by David Milliken and Andy Bruce; Editing by Toby Chopra) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---