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UPDATE 1-Bank of England builds new unit to crunch economic data
July 2, 2014 / 12:40 PM / in 3 years

UPDATE 1-Bank of England builds new unit to crunch economic data

(Adds confirmation by Bank of England, context)

LONDON, July 2 (Reuters) - The Bank of England has hired a former senior Barclays foreign exchange analyst to head a new data-crunching unit aimed at looking at long-run financial and economic risks, the central bank said on Wednesday.

Paul Robinson, who used to head foreign exchange research at Barclays, will run the team and report to new chief economist Andy Haldane, a BoE spokesman said.

Haldane previously focused on financial stability, but last month he swapped jobs with chief economist Spencer Dale, and aims to broaden the central bank’s research away from its traditional focus on macroeconomics.

Last year the central bank regained primary responsibility for financial regulation in addition to setting interest rates, and in March Governor Mark Carney announced a number of staffing changes to better integrate different parts of the bank.

Robinson worked at the BoE earlier in his career, and follows in the footsteps of Simon Hayes, Barclays’ former chief UK economist, who returned from the private sector and is now responsible for the central bank’s short-run economic forecasts.

The central bank has also advertised the new position of a head of research, which will report to Haldane and focus on the interaction between monetary policy and financial regulation. (Reporting by David Milliken in London and Ankush Sharma and Karen Rebelo in Bangalore; Editing by Toby Chopra)

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