Andy Haldane

For the U.S. Marine Corps officer, see Andrew Haldane.

Andy Haldane
CBE FRS FAcSS FRSA
Haldane in Trento, Italy in 2013
Born
Andrew George Haldane

(1967-08-18) 18 August 1967
Tyne and Wear, England
EducationGuiseley School
Alma materUniversity of Sheffield
University of Warwick
OccupationEconomist
Employer(s)Bank of England
Royal Society of Arts
Scientific career
FieldsMonetary policy
Macroeconomic theory
Monetary economics[1]

Andrew George Haldane CBE FRS FAcSS FRSA (/ˈhɔːldeɪn/; born 18 August 1967) is a British economist who worked at the Bank of England between 1989 and 2021 progressing to the role of chief economist and executive director of monetary analysis and statistics.[1][2] He moved from the Bank of England in June 2021 to serve as chief executive of the Royal Society for Arts,[3][4] which he resigned from in February 2025,[5] making his tenure the shortest in the institution's history. He sits on the UK's government's Economic Advisory Council,[6] and is currently the Chancellor of the University of Sheffield.[7]

Education

Born in Sunderland,[8] Haldane was educated at Guiseley School in north Leeds.[9] He did not study mathematics at A-level, teaching himself; he said that he was "very far from being natural at maths" and struggles teaching his children the subject.[10] He received a Bachelor of Arts (BA) degree in economics from the University of Sheffield in 1988 and a Master of Arts (MA) degree in economics from the University of Warwick in 1989.[9]

Career

Haldane joined the Bank of England in 1989. He worked in monetary analysis, on various issues regarding monetary policy strategy, inflation targeting, and central bank independence. He had a secondment to work at the International Monetary Fund. Haldane's senior experience back in the Bank of England includes heading up the International Finance Division and the Market Infrastructure Division. In 2005 Haldane assumed responsibility for the Systemic Risk Assessment Division within the Financial Stability department. In 2009 he became the Bank of England's executive director of financial stability.[2][11]

Haldane has been widely cited as a leading Bank of England expert on financial stability[12][13][14] and is a co-author with Adair Turner and others of the London School of Economics The Future of Finance report.[15] His 2012 speech, called "The Dog and the Frisbee"[16]—delivered to the Federal Reserve Bank of Kansas City's annual Jackson Hole, Wyoming meeting—received widespread attention in the financial media[17] and prompted Forbes to describe him as a "rising star central banker".[18] In the speech, Haldane drew on behavioural economics to argue that complex financial systems cannot be controlled with complex regulations.

In October 2012 Haldane said the Occupy movement protesters had been right to criticise the financial sector and had persuaded bankers and politicians "to behave in a more moral way".[19][20][21]

Interviewed on the BBC's The World at One radio programme, ahead of the chancellor's 2012 Autumn Statement, Haldane said the financial effect of the bank crisis, i.e., the loss of income and damage to output was as severe as a world war.[22] He feared the cost would fall on the next generation or even the generation afterwards. Public anger was justified as banks had made loans which could never be repaid and these loans were sold on around the world creating the subprime mortgage crisis. The banks still had undeclared risky assets. In the meantime, bankers' pay, which in 1980 was comparable with a doctor or lawyer, had risen to four times that value by 2006 and Haldane said it needs to fall to that of other professions.[22]

Haldane said in a speech on 4 April 2014 to a financial audience that "too big to fail" risks that are being tackled by reforms at major banks were applicable to the asset-management industry, calling it the "next frontier" for macroprudential policy.[23] He introduced the "non-bank, non-insurer globally systemically important financial institution" (NBNI G-SIFIs) into the lexicon at this event, and detailed the thrust of regulators as "modulating the price of risk, when this is materially mispriced, could be every bit as important as controlling its quantity".[24]

Haldane said in March 2017 that "Bad managers stand accused of holding back economic growth in the UK by undermining productivity, preventing pay and living standards rising."[25]

Haldane said in 2017 the rise in self-employment and drop in union membership mirrors weak workforces of the pre-1750 era. He also said a period of "divide and conquer" had left workers less able to bargain for higher wages. "There is power in numbers. A workforce that is more easily divided than in the past may find itself more easily conquered."[26]

In April 2021, he announced that he was resigning from the Bank of England in June and becoming chief executive of the Royal Society for Arts in September, replacing Matthew Taylor.[3] In September 2023, RSA workers voted to strike for the first time in the organisation's history, saying management had entered into pay negotiations in "bad faith".[27][28]

In September 2021, Haldane was appointed as the head of the Levelling Up Taskforce in the newly renamed Department for Levelling Up, Housing and Communities, under Secretary of State Michael Gove.[29]

In April 2023, Haldane was appointed to HM Treasury's Economic Advisory Council.[6]

In January 2026, he became the Chancellor of the University of Sheffield, replacing Anne Rafferty.[7]

Pro Bono Economics

Haldane and Martin Brookes co-founded a charity called Pro Bono Economics,[30] which aims to persuade economists to donate their time and expertise to help charities on a pro bono basis.[31] It has partnered with charities such as St Giles Trust and Barnardo's. They tapped Gus O'Donnell to help promote the initiative.

It is also backed by Gavyn Davies, former BBC head; Howard Davies, London School of Economics director; Rachel Lomax, former Bank of England deputy director on the Monetary Policy Committee; Adair Turner, who chaired the now-defunct Financial Services Authority; and Jim O'Neill, the Goldman Sachs economist who came up with the term BRIC: Brazil, Russia, India and China.[32]

Honours and awards

In 2016, Haldane was elected a Fellow of the Academy of Social Sciences (FAcSS).[33] In 2019, he was awarded an honorary doctorate from the University of Warwick. In 2021, he was elected a Fellow of the Royal Society (FRS).[34]

Haldane was appointed Commander of the Order of the British Empire (CBE) in the 2023 Birthday Honours for services to the economy and public policy.[35]

In 2014 he was named by Time magazine as amongst the world's 100 most influential people.[36]

In 2023, Haldane was named as the UK’s forty-fourth most powerful left-wing figure by the New Statesman.[37]

Publications

Haldane has authored (or co-authored) more than 70 articles[1] and three books on inflation targeting, central bank independence, international financial crises, financial stability frameworks and payment systems,[2] along with notable analysis critical of the remuneration models that divorce capital control from its ownership in the financial services sector, where stewardship bonuses are rewarded regardless of loss or gains to clients, contrary to rational norms of fiduciary duty.[38][39] His published books include:

  • The Future of Payment Systems[40]
  • Fixing Financial Crises in the 21st Century[41]

Personal life

Haldane lives in south London with his wife, Emma Hardaker-Jones, who is human resources director at Legal & General. They have three children.[42]

Haldane became a trustee[43] of the independent charity National Numeracy in 2016. He is also an ambassador for the volunteering network REACH.[44]


References

  1. ^ a b c Andy Haldane publications indexed by Google Scholar
  2. ^ a b c "Haldane biography". Bank of England. 25 February 2012. Archived from the original on 25 February 2012. Retrieved 3 August 2010.
  3. ^ a b Partington, Richard (13 April 2021). "Andy Haldane to leave role as Bank of England chief economist". theguardian.com. The Guardian. Retrieved 13 April 2021.
  4. ^ "Andy Haldane". thersa.org. Archived from the original on 19 June 2025.
  5. ^ Harle, Emily. "RSA chief to retire". www.thirdsector.co.uk. Retrieved 23 February 2025.
  6. ^ a b Nachiappa, Arthi. "Chancellor adds Andy Haldane to his advisory panel of economic experts". The Times. ISSN 0140-0460. Retrieved 21 April 2023.
  7. ^ a b "New Chancellor of University of Sheffield installed at historic graduation ceremony". sheffield.ac.uk. 12 January 2026. Retrieved 12 January 2026.
  8. ^ Narwan, Gurpreet (14 April 2021). "Bank of England chief economist Andy Haldane quits to head the RSA think tank". The Times. Retrieved 14 April 2021.
  9. ^ a b Chu, Ben (30 November 2013). "Andy Haldane: The coming man of British banking". The Independent. Archived from the original on 7 May 2022.
  10. ^ Neate, Rupert (1 October 2020). "Andy Haldane: the funnyman central banker who's not great at maths". theguardian.com. The Guardian. Retrieved 13 April 2021.
  11. ^ "Andrew G Haldane". 16 April 2013.{{cite web}}: CS1 maint: deprecated archival service (link)
  12. ^ "Bank of England expert calls the bankers' bluff", The Observer, 20 December 2009
  13. ^ "Banking system like South Sea bubble, says senior Bank of England official", The Guardian, 1 July 2009
  14. ^ Evans, Steve (18 December 2009). "Big is not better when it comes to banks". news.bbc.co.uk. BBC.
  15. ^ Adair Turner; Andrew Haldane; Paul Woolley; Sushil Wadhwani; Charles Goodhart; Andrew Smithers; Andrew Large; John Kay; Martin Wolf; Peter Boone; Simon Johnson; Richard Layard (16 August 2010). "The Future of Finance: The LSE Report". Archived from the original on 3 October 2012. Retrieved 30 October 2012.
  16. ^ "Andrew G Haldane: The dog and the frisbee" (PDF). Bank for International Settlements. 31 August 2012.
  17. ^ Jason Zweig (31 August 2012). "The Jackson Hole Speech People Should Long Remember". The Wall Street Journal.
  18. ^ Benko, Ralph (22 October 2012). "Catching A Frisbee Is Difficult: The Bank Of England Tells It Like It Is". forbes.com. Forbes.
  19. ^ James Kirkup (29 October 2012). "Occupy protesters were right, says Bank of England official". Daily Telegraph. London. Retrieved 30 October 2012.
  20. ^ Hannah Kuchler; Claire Jones (30 October 2012). "BoE's Haldane says Occupy was right". Financial Times. Retrieved 30 October 2012.
  21. ^ "'A leaf being turned' - speech by Andrew Haldane: 29 October 2012 'Socially useful banking' conference at Friend's House, Euston, London on 29 October 2012". Archived from the original on 6 November 2012.
  22. ^ a b "Bank crisis impact bad as world war, Andrew Haldane says". BBC News. 3 December 2012. Retrieved 3 December 2012.
  23. ^ "BoE's Haldane says funds can also be 'too big to fail'". Reuters. 4 April 2014. Archived from the original on 20 September 2016.
  24. ^ "BOE's Haldane Says Mispriced Assets May Present Stability Risk". Bloomberg Business. 4 April 2014.
  25. ^ Wallace, Tim (20 March 2017). "Bad managers to blame for UK's productivity crisis, says Bank of England's chief economist". Daily Telegraph.
  26. ^ Elliott, Larry (22 June 2017). "Low wages are 'return to pre-industrial Britain', says Bank of England economist". The Guardian.
  27. ^ "Royal Society of Arts staff vote to strike for first time in its history". theguardian.com. The Guardian. Retrieved 5 September 2023.
  28. ^ "Royal Society of Arts faces first strike action". BBC News. Retrieved 6 September 2023.
  29. ^ Cordon, Gavin (18 September 2021). "Michael Gove heads rebranded 'Department for Levelling Up'". Evening Standard. London. Retrieved 13 October 2021.
  30. ^ "Pro Bono Economics". pbe.co.uk.
  31. ^ "About Us > History". Pro Bono Economics. Archived from the original on 16 October 2012. Retrieved 8 March 2015.
  32. ^ Tett, Gillian (19 March 2010). "Pro bono economics?". ft.com. Financial Times.
  33. ^ "Eighty-four leading social scientists conferred as Fellows of the Academy of Social Sciences". Academy of Social Sciences. 19 October 2016. Archived from the original on 6 June 2019. Retrieved 5 August 2017.
  34. ^ "Mr Andy Haldane CBE FRS". royalsociety.org. London: Royal Society. 2021.
  35. ^ "No. 64082". The London Gazette (Supplement). 17 June 2023. p. B9.
  36. ^ Cassidy, John. "Andrew Haldane: The World's 100 Most Influential People". time.com. Time.
  37. ^ Anon (17 May 2023). "The New Statesman's left power list". newstatesman.com. New Statesman. Retrieved 13 December 2023.
  38. ^ Haldane, Andy (2026). "Is Britain ungovernable? The public has lost faith in the political system and in the people operating it". ft.com. London: Financial Times. "The UK is fast becoming the Manchester United of governments (the club has had eight full-time managers in 13 years), and with similarly dismal levels of success"
  39. ^ Eide, Ingolf (10 November 2011). "Haldane's 'control rights (and wrongs)'". Cobden Center.
  40. ^ The Future of Payment Systems 43 (Routledge International Studies in Money and Banking) with Stephen Millard, and Victoria Saporta (2007)
  41. ^ Fixing Financial Crises in the 21st Century (Routledge Studies in the Modern World Economy) (2004)
  42. ^ Elliott, Larry; Partington, Richard (16 July 2022). "Andy Haldane: we can fix the cost of living crisis. But will we?". The Guardian.
  43. ^ "Meet the trustees". National Numeracy. Retrieved 6 January 2017.
  44. ^ "Who we are". reachvolunteering.org.uk. 12 December 2017.
This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.