Andy Haldane

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Andy G. Haldane
Andy Haldane - Festival Economia 2013.JPG
Haldane in Trento, Italy in 2013
Born (1967-08-18) 18 August 1967 (age 52)
Alma materUniversity of Sheffield
University of Warwick

Andrew G. Haldane, FAcSS (/ˈhɔːldn/; born 18 August 1967) is the chief economist and the Executive Director of Monetary Analysis and Statistics at the Bank of England.[1]

In 2014 he was named by Time Magazine as amongst the world's 100 most influential people.[2]


Haldane attended Guiseley School in north Leeds. 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.[3]


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 include 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.[1][4]

Haldane has been widely cited as a leading Bank of England expert on Financial Stability[5][6][7] and is a co-author with Adair Turner and others of the LSE Future of Finance report.[8] His 2012 speech, called "The Dog and the Frisbee"[9]—delivered to the Federal Reserve Bank of Kansas City's annual Jackson Hole, Wyoming meeting—received widespread attention in the financial media[10] and prompted Forbes to describe him as a "rising star central banker".[11] In the speech, Haldane drew on behavioral 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".[12][13][14]

Interviewed on the BBC's The World at One radio programme, ahead of 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.[15] 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 by 2006 to four times that value and Haldane said it needs to fall to that of other professions.[15]

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.[16] 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".[17]

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."[18]

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."[19]


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.[20] 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 "BRIC" term.[21] He also became a trustee[22] of the independent charity National Numeracy in 2016. He is an ambassador for the volunteering network, REACH. [23]


In 2016, Haldane was elected a Fellow of the Academy of Social Sciences (FAcSS).[24] In 2019, he was awarded an honorary doctorate from the University of Warwick.


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,[1] 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.[25]


  • 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)


  1. ^ a b c "Haldane biography" Archived 25 February 2012 at the Wayback Machine, Bank of England website, retrieved 3 August 2010
  2. ^ Cassidy, John. "Andrew Haldane: The World's 100 Most Influential People".
  3. ^
  4. ^ "Andrew G Haldane". 16 April 2013. Archived from the original on 16 April 2013.
  5. ^ "Bank of England expert calls the bankers' bluff", The Observer, 20 December 2009
  6. ^ "Banking system like South Sea bubble, says senior Bank of England official", The Guardian, 1 July 2009
  7. ^ "Big is not better when it comes to banks", BBC, 18 December 2009
  8. ^ Adair Turner; Andrew Haldane; Paul Woolley; Sushil Wadhwani; Charles Goodhart; Andrew Smithers; Andrew Large; John Kay; Martin Wolf; Peter Boone; Simon Johnson; Richard Layard (16 August 2010). "The Future of Finance: the LSE report". Retrieved 30 October 2012.
  9. ^ "Andrew G Haldane: The dog and the frisbee", Bank for International Settlements, 31 August 2012.
  10. ^ Jason Zweig, "The Jackson Hole Speech People Should Long Remember", Wall Street Journal, 31 August 2012
  11. ^ Benko, Ralph (22 October 2012). "Catching A Frisbee Is Difficult: The Bank Of England Tells It Like It Is". Forbes.
  12. ^ James Kirkup (29 October 2012). "Occupy protesters were right, says Bank of England official". Daily Telegraph. London. Retrieved 30 October 2012.
  13. ^ Hannah Kuchler; Claire Jones (30 October 2012). "BoE's Haldane says Occupy was right" ((registration required)). Financial Times. Retrieved 30 October 2012.
  14. ^ "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. Archived 6 November 2012 at the Wayback Machine
  15. ^ a b "Bank crisis impact bad as world war, Andrew Haldane says". BBC News. 3 December 2012. Retrieved 3 December 2012.
  16. ^ "BoE's Haldane says funds can also be 'too big to fail'", Reuters, 4 April 2014
  17. ^ "BOE's Haldane Says Mispriced Assets May Present Stability Risk", Bloomberg Business, 4 April 2014.
  18. ^ Wallace, Tim (20 March 2017). "Bad managers to blame for UK's productivity crisis, says Bank of England's chief economist". The Daily Telegraph.
  19. ^ Elliott, Larry (22 June 2017). "Low wages are 'return to pre-industrial Britain', says Bank of England economist". The Guardian.
  20. ^ "About Us > History". Pro Bono Economics. Archived from the original on 16 October 2012. Retrieved 8 March 2015.
  21. ^ Gillian Tett (19 March 2010). "Pro bono economics?". Financial Times.
  22. ^ Meet the trustees,, Retrieved 6 January 2017
  23. ^ "Who we are". Reach Volunteering.
  24. ^ "Eighty-four leading social scientists conferred as Fellows of the Academy of Social Sciences". Academy of Social Sciences. 19 October 2016. Retrieved 5 August 2017.
  25. ^ "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