The Bank of England has appointed a former Goldman Sachs economist, with extensive experience at the European Central Bank (ECB), as its next chief economist.

Huw Pill, who is currently senior lecturer in business administration at Harvard Business School, will succeed Andy Haldane on 6 September, the Bank said.

He will report to deputy governor Ben Broadbent – himself also once the senior European economist at Goldman and among those on the selection panel during the recruitment process.

Mr Pill worked at Goldman Sachs until 2018 and spent much of his career in various roles at the ECB, where he was latterly deputy director-general for research.

He began his career at the Bank in 1990.

Governor Andrew Bailey said of the appointment: “Huw will make a major contribution to monetary policy – and to the broader work of the Bank.

“I greatly look forward to working with him.”

Mr Pill said: “It is a great privilege to rejoin the Bank and have the opportunity to contribute to the work of the MPC (Monetary Policy Committee) and the Bank more broadly at what remains a challenging time for monetary policy and central banking.”

The role of chief economist is the only position on the nine-member MPC that is appointed by the BoE itself, rather than by the Treasury.

His first meeting of the MPC comes later this month at a time when the pace of inflation is a concern for the Bank.

Last month, it forecast the consumer prices index (CPI) measure to hit double its 2% target rate by the turn of the year.

Mr Haldane had solely warned, just ahead of his departure, that the UK must avoid an inflation spike – a consequence of the economic recovery from COVID-19 and a global shortage of raw materials – “like the plague”.

The Bank’s central view has remained that the surge in inflation will be temporary though another MPC member, Michael Saunders, voted last month to cut its £895bn bond-buying quantitative easing (QE) programme by £45bn in the face of the inflationary pressures.

Related posts:

Sunny weather and lockdown easing give much-needed boost to retailers Government intervenes in sale of UK chip designer Arm over national security implications Pubs group Young’s hoists ‘for sale’ sign over tenanted division Ministers to re-advertise CMA chair role in hunt for Tyrie successor Stobart Air-owner to raise £120m from airport stake sale to Carlyle Gender parity on FTSE executive boards won’t be reached until 2036, study says Revolut becomes £24bn tech giant as digital bank strikes SoftBank and Tiger deal Pandemic not in ‘rear view mirror’ for hospitality sector, pubs boss tells PM Labour shortages: which jobs are seeing the biggest rise in demand? ‘Chicken King’ seeks £50m in funding amid supply chain crisis ‘Excellent slate of movies’ helps Cineworld revenue hit pre-pandemic levels in UK and Ireland Manchester United close to agreeing new fan share ownership scheme