Finance

Ex-Goldman Sachs banker Huw Pill takes up chief economist role at Bank of England

The Bank of England has appointed ex-Goldman Sachs banker Huw Pill as its new chief economist and executive director for monetary analysis.

Pill, who will also become a member of the monetary policy, is joining the central bank from Harvard Business School, where he has been a senior lecturer since 2018. Prior to that, he was chief European economist at Goldman Sachs from 2011 to 2018 and worked at the European Central Bank from 2001 to 2011.

The appointment means the Oxford and Stanford educated economist has once come full circle — Pill started his career at the Bank of England, spending two years at the bank in the early 1990s.

Ben Broadbent, deputy governor, said in a 1 September statement: “I am delighted about the appointment of Huw Pill as the Bank’s new Chief Economist. His breadth of experience across monetary policy, economic research and financial markets will be invaluable to the Bank and the MPC.”

Taking over the reins from Andy Haldane, who is now chief executive of the Royal Society of Arts, Pill will take up the position on 6 September

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

READ ‘Cheap money is not the answer’, departing BoE chief economist Haldane says

“The Bank of England is increasingly looking like the Bank of Goldman Sachs,” said Rachel Oliver, head of campaigns and organising at Positive Money. “Top positions at the Bank are dominated by men from big finance, meaning our central bank does not reflect the population it is supposed to serve, and is often blind to the needs of people in the real economy.”

 “Rather than just more men from Goldman Sachs, our pool of public policymakers urgently needs more diversity in terms of gender, race and socioeconomic background to make sure we’re meeting the challenges of 2021,” she added.

To contact the author of this story with feedback or news, email Bérengère Sim

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