The Bank of England’s chief economist will leave his role later this year for a new job at the Royal Society for Arts, Manufactures and Commerce.

Andy Haldane is a 32-year veteran at the BoE and has held the chief economist position since 2014, but said he was “thrilled” to be moving to the RSA as chief executive.

He said: “I will miss hugely my brilliant colleagues and friends but know that, under (governor Andrew Bailey’s) exceptional leadership, they will continue to serve the people of the UK with distinction.

“I am thrilled to have the opportunity to lead another great British institution, the RSA.

“For 250 years, it too has served society with distinction, combining the very best of public service, commercial innovation and civic participation.

“I am delighted to be helping write the next chapter in the RSA’s illustrious history”.

Mr Haldane will step down after the Monetary Policy Committee’s June meeting and begin his new role in September, with the BoE advertising for his replacement soon.

He had been among those most optimistic about Britain’s prospects for a rapid recovery after the coronavirus pandemic.

James Smith at ING said: “Markets have initially viewed it as the only major hawk leaving the committee, perhaps the only hawk at the moment.

“His comments about the recovery being particularly fast were not shared by all his colleagues.”

Jeremy Stretch at CIBC World Markets said: “In a sense you could argue his departure would take away at the margin a little bit of the hawkishness of the MPC…depending on who his replacement is.”

Mr Bailey said Mr Haldane had been an “exemplary public servant” who had made “major contributions”.

“He has also been an imaginative and creative thinker on the wide range of issues the UK economy faces, as well as helping create and drive forward new ways for the bank to engage with the public.

“He will be sorely missed but I know the RSA will be well served by Andy as chief executive.”

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