Former BOE Chief Economist Joins British Petroleum

The shakeup at the top of the Bank of England under its new governor, Mark Carney, is continuing with news that the former chief economist Spencer Dale is leaving to join BP.

After being moved sideways in Carney’s management reshuffle earlier this year, the protege of former governor Mervyn King said he was severing ties with Threadneedle Street after 25 years.

Dale became the Bank’s executive director for financial stability, strategy and risk after a job swap with Andy Haldane, losing his place on the monetary policy committee (MPC), the nine-strong body that sets interest rates.

Sources close to Dale said his departure was not linked to any failure to get on with Carney or a sense that he had been snubbed. “The job offer to become chief economist at BP came up in recent days and, at 47, Spencer felt that opportunities of that sort did not come along that often.”

As chief economist, Dale was responsible for the Bank’s forecasts that inform the MPC’s decisions. He moved to his new job at the Bank at the start of June, but will leave at the end of October.

Carney said he had been privileged to work closely with Dale. “He is an immensely talented and committed public servant, who has made significant contributions to monetary and financial stability over the course of his career at the Bank.”

via The Guardian

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