The Council will meet for the first time at the beginning of November. Andy will serve in a personal capacity and continue in his role as Chief Economist here at the Bank. He will be joined on the Industrial Strategy Council by leaders from business, academia and civil society from across the UK. You can see the news release from the Department for Business, Energy and Industrial Strategy here.
Commenting on the role, Andy said:
“The Industrial Strategy is one of the most critical strands of work taking place across Government and has the potential to raise living standards across the whole of the UK, boost people’s earning powers and put the UK at the forefront of future industries internationally. I am delighted and honoured to take the role of Chair of the Industrial Strategy Council and look forward to working with leading business men and women, investors, economists, and academics to provide impartial and independent evaluations of the Government’s progress in delivering on the Industrial Strategy."
Welcoming the appointment, the Governor said:
“Productivity is an important determinant of the Monetary Policy Committee’s forecasts for economic growth and inflation. Understanding the impact of the Government’s policies on the outlook for productivity is therefore of great importance to the Bank’s work. Andy’s new role will help both to deepen that understanding and, consistent with our remit, to support the Government’s objectives for growth and employment.”