Chancellor of the Exchequer Rachel Reeves today confirmed that Professor Alan Taylor will join the BoE's Monetary Policy Committee (MPC) on 2 September for a 3-year term. An economist, Professor Taylor is currently Professor of International and Public Affairs at Columbia University, New York. He has served as a senior advisor to a number of major financial institutions and is a visiting scholar at the BoE. He has published papers in the fields of macroeconomics, international economics, finance and economic history.

Professor Taylor will replace current external member Professor Jonathan Haskel, who voted against the 25 basis point cut in Bank Rate earlier this month and is generally regarded as a hawk. Consequently, the change in personnel is likely to be seen as increasing the chances of another cut in key rates next month.

Global-FYI tracks critical developments fon the global markets including political news, special central bank announcements, and substantial moves in the financial markets.

Major political events and special announcements by the global central banks can shift both the short-term and long-term outlooks for the global economy and financial markets.