Andy Haldane

Born in Sunderland,{{Cite news|url=https://www.thetimes.com/business-money/economics/article/bank-of-england-chief-economist-andy-haldane-quits-to-head-the-rsa-think-tank-v93t7xnz0|title=Bank of England chief economist Andy Haldane quits to head the RSA think tank|work=The Times|last=Narwan|first=Gurpreet|date=14 April 2021|access-date=14 April 2021}} Haldane attended Guiseley School in north Leeds. He did not study maths at A-level, teaching himself; he said that he was "very far from being natural at maths" and struggles teaching his children the subject.{{cite news |last1=Neate |first1=Rupert |title=Andy Haldane: the funnyman central banker who's not great at maths |url=https://www.theguardian.com/business/2020/oct/01/andy-haldane-funnyman-bank-of-england-central-banker-not-good-at-maths |access-date=13 April 2021 |work=The Guardian |date=1 October 2020}} He received a BA in economics from the University of Sheffield in 1988 and an MA in economics from the University of Warwick in 1989.{{Cite web|url=https://www.independent.co.uk/news/people/profiles/andy-haldane-coming-man-british-banking-8975109.html |archive-url=https://ghostarchive.org/archive/20220507/https://www.independent.co.uk/news/people/profiles/andy-haldane-coming-man-british-banking-8975109.html |archive-date=7 May 2022 |url-access=subscription |url-status=live|title=Andy Haldane: The coming man of British banking|date=30 November 2013|website=The Independent}}{{cbignore}}

Haldane joined the Bank of England in 1989. He worked in monetary analysis, on various issues regarding monetary policy strategy, inflation targeting, and central bank independence. He had a secondment to work at the International Monetary Fund. 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 Assessment Division within the Financial Stability department. In 2009 he became the Bank of England's executive director of financial stability.{{cite web|url=http://www.voxeu.org/person/andrew-g-haldane|archiveurl=https://archive.today/20130416032401/http://www.voxeu.org/person/andrew-g-haldane|url-status=dead|title=Andrew G Haldane|date=16 April 2013|archivedate=16 April 2013}}

Haldane has been widely cited as a leading Bank of England expert on financial stability[https://www.theguardian.com/business/2009/dec/20/bank-of-england-calls-bankers-bluff "Bank of England expert calls the bankers' bluff"], The Observer, 20 December 2009[https://www.theguardian.com/business/2009/jul/01/bank-england-south-sea-bubble "Banking system like South Sea bubble, says senior Bank of England official"], The Guardian, 1 July 2009[http://news.bbc.co.uk/1/hi/business/8419658.stm "Big is not better when it comes to banks"], BBC, 18 December 2009 and is a co-author with Adair Turner and others of the London School of Economics The Future of Finance report.{{cite web |title=The Future of Finance: The LSE Report |url=http://www2.lse.ac.uk/newsAndMedia/publications/books/2010/TheFutureOfFinance.aspx |author1=Adair Turner |author2=Andrew Haldane |author3=Paul Woolley |author4=Sushil Wadhwani |author5=Charles Goodhart |author6=Andrew Smithers |author7=Andrew Large |author8=John Kay |author9=Martin Wolf |author10=Peter Boone |author11=Simon Johnson |author12=Richard Layard |date=16 August 2010 |accessdate=30 October 2012 |archive-date=3 October 2012 |archive-url=https://web.archive.org/web/20121003005454/http://www2.lse.ac.uk/newsAndMedia/publications/books/2010/TheFutureOfFinance.aspx |url-status=dead }} His 2012 speech, called "The Dog and the Frisbee"{{cite web|url=http://www.bis.org/review/r120905a.pdf|title=Andrew G Haldane: The dog and the frisbee|publisher=Bank for International Settlements|date=31 August 2012}}—delivered to the Federal Reserve Bank of Kansas City's annual Jackson Hole, Wyoming meeting—received widespread attention in the financial media{{cite news|author=Jason Zweig|url=https://blogs.wsj.com/totalreturn/2012/08/31/the-jackson-hole-speech-people-should-long-remember|title=The Jackson Hole Speech People Should Long Remember|newspaper=The Wall Street Journal|date=31 August 2012}} and prompted Forbes to describe him as a "rising star central banker".{{cite news| url= https://www.forbes.com/sites/ralphbenko/2012/10/22/catching-a-frisbee-is-difficult-the-bank-of-england-tells-it-like-it-is | title = Catching A Frisbee Is Difficult: The Bank Of England Tells It Like It Is | work=Forbes | first=Ralph | last=Benko | date=22 October 2012}} In the speech, Haldane drew on behavioural economics to argue that complex financial systems cannot be controlled with complex regulations.

In October 2012 Haldane said the Occupy movement protesters had been right to criticise the financial sector and had persuaded bankers and politicians "to behave in a more moral way".{{cite news| url= https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9641806/Occupy-protesters-were-right-says-Bank-of-England-official.html| title =Occupy protesters were right, says Bank of England official| work =Daily Telegraph| author=James Kirkup|date=29 October 2012|accessdate=30 October 2012|location=London}}{{cite news|url= http://www.ft.com/cms/s/0/09b53a94-2271-11e2-8edf-00144feabdc0.html|title= BoE's Haldane says Occupy was right|work= Financial Times|author1=Hannah Kuchler |author2=Claire Jones |date = 30 October 2012|accessdate=30 October 2012|format={{registration required}}}}{{Cite web|url=http://www.bankofengland.co.uk/publications/Pages/speeches/2012/616.aspx|archiveurl=https://web.archive.org/web/20121106172105/http://www.bankofengland.co.uk/publications/Pages/speeches/2012/616.aspx|url-status=dead|title='A leaf being turned' - speech by Andrew Haldane: 29 October 2012 'Socially useful banking' conference at Friend's House, Euston, London on 29 October 2012|archivedate=6 November 2012}}

Interviewed on the BBC's The World at One radio programme, ahead of the chancellor's 2012 Autumn Statement, 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.{{cite news|url=https://www.bbc.co.uk/news/business-20585549 | publisher=BBC News|title=Bank crisis impact bad as world war, Andrew Haldane says| date=3 December 2012|accessdate=3 December 2012}} 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 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" 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.{{cite web|url=http://uk.reuters.com/article/uk-boe-funds-haldane-idUKBREA330EW20140404|archive-url=https://web.archive.org/web/20160920065332/http://uk.reuters.com/article/uk-boe-funds-haldane-idUKBREA330EW20140404|archive-date=20 September 2016|title=BoE's Haldane says funds can also be 'too big to fail'|publisher=Reuters|date=4 April 2014}} 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".{{cite web|url=https://www.bloomberg.com/news/2014-04-04/boe-s-haldane-says-mispriced-assets-may-present-stability-risk.html|title=BOE's Haldane Says Mispriced Assets May Present Stability Risk|publisher=Bloomberg Business|date=4 April 2014}}

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."{{cite news|url=https://www.telegraph.co.uk/business/2017/03/20/bad-managers-blame-uks-productivity-crisis-says-bank-englands/|title=Bad managers to blame for UK's productivity crisis, says Bank of England's chief economist|first=Tim|last=Wallace|date=20 March 2017|work=Daily Telegraph}}

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."{{cite news|url=https://www.theguardian.com/business/2017/jun/21/slow-wage-growth-down-to-return-to-the-past-bank-of-england-chief-economist|title=Low wages are 'return to pre-industrial Britain', says Bank of England economist|first=Larry|last=Elliott|date=22 June 2017|work=The Guardian}}

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.{{cite news |last1=Partington |first1=Richard |title=Andy Haldane to leave role as Bank of England chief economist |url=https://www.theguardian.com/business/2021/apr/13/andy-haldane-bank-of-england-royal-society-of-arts |access-date=13 April 2021 |work=The Guardian |date=13 April 2021}} In September 2023, RSA workers voted to strike for the first time in the organisation's history, saying management had entered into pay negotiations in "bad faith".{{cite news |title=Royal Society of Arts staff vote to strike for first time in its history |url=https://www.theguardian.com/uk-news/2023/sep/05/royal-society-arts-staff-vote-strike-first-time-history |access-date=5 September 2023 |work=The Guardian}}{{cite news |title=Royal Society of Arts faces first strike action |url=https://www.bbc.co.uk/news/uk-england-london-66727098 |access-date=6 September 2023 |work=BBC News}}

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, under Secretary of State Michael Gove.{{cite news |url=https://www.standard.co.uk/news/uk/michael-gove-government-secretary-of-state-andy-haldane-housing-b956092.html |title=Michael Gove heads rebranded 'Department for Levelling Up' |last=Cordon |first=Gavin |newspaper=Evening Standard |location=London |date=18 September 2021 |access-date=13 October 2021}}

In April 2023, Haldane was appointed to HM Treasury's Economic Advisory Council.{{Cite news |last=Nachiappa |first=Arthi |title=Chancellor adds Andy Haldane to his advisory panel of economic experts |newspaper=The Times |language=en |url=https://www.thetimes.com/business-money/economics/article/chancellor-adds-haldane-to-his-advisory-panel-of-economic-experts-w77wfqqsr |access-date=2023-04-21 |issn=0140-0460}}

He was appointed Commander of the Order of the British Empire (CBE) in the 2023 Birthday Honours for services to the economy and public policy.{{London Gazette|issue=64082|supp=y|page=B9|date=17 June 2023}}

In 2023, Haldane was named as the UK’s forty-fourth most powerful Left Wing figure by the New Statesman.{{Cite web |author= |date=2023-05-17 |title=The New Statesman's left power list |url=https://www.newstatesman.com/politics/uk-politics/2023/05/the-new-statesmans-left-power-list |access-date=2023-12-13 |website=New Statesman |language=en-US}}

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 basis.{{cite web|title=About Us > History|url=http://www.probonoeconomics.com/about-us/history|website=Pro Bono Economics|accessdate=8 March 2015|archive-url=https://web.archive.org/web/20121016005548/http://www.probonoeconomics.com/about-us/history|archive-date=16 October 2012|url-status=dead|df=dmy-all}} It has partnered with charities such as St Giles Trust and Barnardo's. They tapped Gus O'Donnell to help promote the initiative.

It is also backed by Gavyn Davies, former BBC head; Sir Howard Davies, London School of Economics director; Rachel Lomax, former Bank of England deputy director on the Monetary Policy Committee; Adair Turner, who chaired the now-defunct Financial Services Authority; and Jim O'Neill, the Goldman Sachs economist who came up with the term "BRIC".{{cite news |author1=Gillian Tett |author-link=Gillian Tett |title=Pro bono economics?|url=http://www.ft.com/intl/cms/s/2/cdd9583e-3164-11df-9741-00144feabdc0.html |work =Financial Times|date=19 March 2010}}

Haldane lives in south London with his wife, Emma Hardaker-Jones, who is human resources director at Legal & General. They have three children.{{cite news |url =https://www.theguardian.com/business/2022/jul/16/andy-haldane-cost-of-living-crisis-inflation-can-be-tackled|title =Andy Haldane: we can fix the cost of living crisis. But will we?|first1=Larry |last1=Elliott |authorlink1=Larry Elliott|first2=Richard |last2=Partington|date =16 July 2022|newspaper =The Guardian}}

Haldane became a trustee{{cite web|url=https://www.nationalnumeracy.org.uk/meet-trustees|title=Meet the trustees|publisher=National Numeracy|access-date=6 January 2017}} of the independent charity National Numeracy in 2016. He is also an ambassador for the volunteering network REACH.{{cite web |title=Who we are |url=https://reachvolunteering.org.uk/about-reach/who-we-are |website=Reach Volunteering|date=12 December 2017 }}

In 2016, Haldane was elected a fellow of the Academy of Social Sciences (FAcSS).{{cite web|title=Eighty-four leading social scientists conferred as Fellows of the Academy of Social Sciences|url=https://www.acss.org.uk/news/eighty-four-leading-social-scientists-conferred-fellows-academy-social-sciences/|website=Academy of Social Sciences|accessdate=5 August 2017|date=19 October 2016|archive-date=6 June 2019|archive-url=https://web.archive.org/web/20190606033408/https://www.acss.org.uk/news/eighty-four-leading-social-scientists-conferred-fellows-academy-social-sciences/|url-status=dead}}

In 2019, he was awarded an honorary doctorate from the University of Warwick.

In 2021, he was elected a FRS{{cite web|url=https://royalsociety.org/news/2021/05/new-fellows-announcement-2021/|title=New Fellows Announcement|publisher=Royal Society|date=2021}}

Haldane has authored more than 70 articles and three books on inflation targeting, central bank independence, international financial crises, 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 sector, where stewardship bonuses are rewarded regardless of loss or gains to clients, contrary to rational norms of fiduciary duty.{{cite web|url=http://www.cobdencentre.org/2011/11/control-rights-and-wrongs|title=Haldane's 'control rights (and wrongs)'|publisher=Cobden Center|date=10 November 2011|last=Eide|first=Ingolf}}

• 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)

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Category:1967 births

Category:Living people

Category:Alumni of the University of Sheffield

Category:Alumni of the University of Warwick

Category:British economists

Category:Fellows of the Academy of Social Sciences

Category:Institute for New Economic Thinking

Category:Commanders of the Order of the British Empire