Andy Haldane
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Andrew G. Haldane, (; born 18 August 1967) is a British economist who worked at the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
between 1989 and 2021 as the
chief economist Chief economist is a single-position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of respons ...
and executive director of monetary analysis and statistics. He resigned from the Bank of England in June 2021 to become chief executive of the Royal Society for Arts. In 2014 he was named by ''
Time Time is the continued sequence of existence and events that occurs in an apparently irreversible succession from the past, through the present, into the future. It is a component quantity of various measurements used to sequence events, to ...
'' magazine as amongst the world's 100 most influential people.


Education

Born in Sunderland, Haldane attended Guiseley School in north
Leeds Leeds () is a city and the administrative centre of the City of Leeds district in West Yorkshire, England. It is built around the River Aire and is in the eastern foothills of the Pennines. It is also the third-largest settlement (by populati ...
. He did not study maths at
A-level The A-Level (Advanced Level) is a subject-based qualification conferred as part of the General Certificate of Education, as well as a school leaving qualification offered by the educational bodies in the United Kingdom and the educational aut ...
, teaching himself; he said that he was "very far from being natural at maths" and struggles teaching his children the subject. He received a BA in economics from the
University of Sheffield , mottoeng = To discover the causes of things , established = – University of SheffieldPredecessor institutions: – Sheffield Medical School – Firth College – Sheffield Technical School – University College of Sheffield , type = Pu ...
in 1988 and an MA in economics from the
University of Warwick The University of Warwick ( ; abbreviated as ''Warw.'' in post-nominal letters) is a public research university on the outskirts of Coventry between the West Midlands (county), West Midlands and Warwickshire, England. The university was founded i ...
in 1989.


Career

Haldane joined the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
in 1989. He worked in monetary analysis, on various issues regarding monetary policy strategy,
inflation targeting In macroeconomics, inflation targeting is a monetary policy where a central bank follows an explicit target for the inflation rate for the medium-term and announces this inflation target to the public. The assumption is that the best that moneta ...
, and central bank independence. He had a secondment to work at the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
. 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 In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to the risk associated with any one individual entity, group or component of a system, that can be contained therein without harming the ...
Assessment Division within the Financial Stability department. In 2009 he became the Bank of England's executive director of financial stability. Haldane has been widely cited as a leading Bank of England expert on financial stability and is a co-author with
Adair Turner Jonathan Adair Turner, Baron Turner of Ecchinswell (born 5 October 1955) is a British businessman and academic and was Chairman of the Financial Services Authority until its abolition in March 2013. He is a former Chairman of the Pensions Commiss ...
and others of the
London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 millio ...
''The Future of Finance'' report. His 2012 speech, called "The Dog and the Frisbee"—delivered to the
Federal Reserve Bank of Kansas City The Federal Reserve Bank of Kansas City is located in Kansas City, Missouri and covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mex ...
's annual
Jackson Hole Jackson Hole (originally called Jackson's Hole by mountain men) is a valley between the Gros Ventre and Teton mountain ranges in the U.S. state of Wyoming, near the border with Idaho, in Teton County, one of the richest counties in the Unit ...
,
Wyoming Wyoming () is a U.S. state, state in the Mountain states, Mountain West subregion of the Western United States. It is bordered by Montana to the north and northwest, South Dakota and Nebraska to the east, Idaho to the west, Utah to the south ...
meeting—received widespread attention in the financial media and prompted ''
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
'' to describe him as a "rising star central banker". In the speech, Haldane drew on
behavioural economics Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. ...
to argue that complex financial systems cannot be controlled with complex regulations. In October 2012 Haldane said the
Occupy movement The Occupy movement was an international populist socio-political movement that expressed opposition to social and economic inequality and to the perceived lack of "real democracy" around the world. It aimed primarily to advance social and econo ...
protesters had been right to criticise the financial sector and had persuaded bankers and politicians "to behave in a more moral way". Interviewed on the BBC's ''
The World at One ''The World at One'', or ''WATO'' ("what-oh") for short, is BBC Radio 4's long-running lunchtime news and current affairs programme, produced by BBC News, which is currently broadcast from 13:00 to 13:45 from Monday to Friday. The programme de ...
'' radio programme, ahead of the
chancellor Chancellor ( la, cancellarius) is a title of various official positions in the governments of many nations. The original chancellors were the of Roman courts of justice—ushers, who sat at the or lattice work screens of a basilica or law cou ...
's 2012
Autumn Statement The Spring Statement of the British Government, also known as the "mini-budget", is one of the two statements HM Treasury makes each year to Parliament upon publication of economic forecasts, the second taking place the previous year as the Autum ...
, 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. 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 United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the Financial crisis of 2007–2008, 2007–2008 global financial crisis. It was triggered by a large decline ...
. 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. Haldane said in a speech on 4 April 2014 to a financial audience that "
too big to fail "Too big to fail" (TBTF) and "too big to jail" is a theory in banking and finance that asserts that certain corporations, particularly financial institutions, are so large and so interconnected that their failure would be disastrous to the great ...
" 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 Macroprudential regulation is the approach to financial regulation that aims to mitigate risk to the financial system as a whole (or "systemic risk"). In the aftermath of the late-2000s financial crisis, there is a growing consensus among policyma ...
. He introduced the "non-bank, non-insurer globally systemically important financial institutions" ( 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". 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." 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." 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. 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 The Department for Levelling Up, Housing and Communities (DLUHC), formerly the Ministry for Housing, Communities and Local Government (MHCLG), is a department of His Majesty's Government responsible for housing, communities, local government i ...
, under Secretary of State Michael Gove.


Pro Bono Economics

Haldane and Martin Brookes co-founded a charity "Pro Bono Economics", which aims to persuade economists to donate their time and expertise to help charities on a ''
pro bono ( en, 'for the public good'), usually shortened to , is a Latin phrase for professional work undertaken voluntarily and without payment. In the United States, the term typically refers to provision of legal services by legal professionals for pe ...
'' basis. It has partnered with charities such as St Giles Trust and
Barnardo's Barnardo's is a British charity founded by Thomas John Barnardo in 1866, to care for vulnerable children. As of 2013, it raised and spent around £200 million each year running around 900 local services, aimed at helping these same group ...
. They tapped
Gus O'Donnell Augustine Thomas O'Donnell, Baron O'Donnell, (born 1 October 1952) is a former British senior civil servant and economist, who between 2005 and 2011 (under three Prime Ministers) served as the Cabinet Secretary, the highest official in the Bri ...
to help promote the initiative. It is also backed by
Gavyn Davies Gavyn Davies, OBE (born 27 November 1950) is a former Goldman Sachs partner who was the chairman of the BBC from 2001 until 2004. On 28 January 2004 he announced that he was resigning his BBC post following the publication of the Hutton Inqui ...
, former BBC head; Sir Howard Davies,
London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 millio ...
director;
Rachel Lomax Janis Rachel Lomax (born 15 July 1945) is a British economist, banker, and former government official who served as Deputy Governor of the Bank of England, sitting on the Monetary Policy Committee from 1 July 2003 to 30 June 2008. Early life Lom ...
, former
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
deputy director on the
Monetary Policy Committee Monetary Policy Committee (MPC) may refer to: * Monetary Policy Committee (India) The Monetary Policy Committee is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least fo ...
;
Adair Turner Jonathan Adair Turner, Baron Turner of Ecchinswell (born 5 October 1955) is a British businessman and academic and was Chairman of the Financial Services Authority until its abolition in March 2013. He is a former Chairman of the Pensions Commiss ...
, who chaired the now-defunct
Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
; and Jim O'Neill, the
Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...
economist who came up with the term "
BRIC BRIC is a grouping acronym referring to the developing countries of Brazil, Russia, India, and China, which are identified as rising economic powers. It is typically rendered as "the BRIC," "the BRIC countries," "the BRIC economies," or alte ...
".


Personal

Haldane lives in south London with his wife, Emma Hardaker-Jones, who is human resources director at
Legal & General Legal & General Group plc, commonly known as Legal & General, is a British multinational financial services and asset management company headquartered in London, England. Its products and services include investment management, lifetime mortg ...
. They have three children. Haldane became a trustee of the independent charity
National Numeracy National Numeracy is an independent charity (registered no. 1145669 in England and Wales) based in Brighton, UK, that promotes the importance of numeracy and "everyday maths". The charity was founded in 2012; its chair is Perdita Fraser and ...
in 2016. He is also an ambassador for the volunteering network REACH.


Honours

In 2016, Haldane was elected a
fellow of the Academy of Social Sciences The Fellowship of the Academy of Social Sciences (FAcSS) is an award granted by the Academy of Social Sciences to leading academics, policy-makers, and practitioners of the social sciences. Fellows were previously known as Academicians and used the ...
(FAcSS). In 2019, he was awarded an honorary doctorate from the University of Warwick. In 2021, he was elected a FRS


Publications

Haldane has authored more than 70 articles and three books on
inflation targeting In macroeconomics, inflation targeting is a monetary policy where a central bank follows an explicit target for the inflation rate for the medium-term and announces this inflation target to the public. The assumption is that the best that moneta ...
, central bank independence, international
financial crises A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and man ...
, financial stability frameworks and payment systems, along with notable analysis critical of the remuneration models that divorce capital control from its ownership in the
financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
sector, where stewardship bonuses are rewarded regardless of loss or gains to clients, contrary to rational norms of
fiduciary duty A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for exampl ...
."Haldane's 'control rights (and wrongs)'"
Cobden Center review of Wincott Annual Memorial Lecture given at Westminster, 24 October of same year as Executive Director, Financial Stability and Member of the Financial Policy Committee.


Books

* ''The Future of Payment Systems'': 43 (Routledge International Studies in Money and Banking) with Stephen Millard, and Victoria Saporta (2007) * ''Fixing Financial Crises in the 21st Century'' (Routledge Studies in the Modern World Economy) (2004)


References

{{DEFAULTSORT:Haldane, Andy 1967 births Living people Alumni of the University of Sheffield Alumni of the University of Warwick British economists Fellows of the Academy of Social Sciences Institute for New Economic Thinking