Dr. Catherine L. Mann’s three-year term will begin on 1 September 2021. Catherine will be replacing Gertjan Vlieghe who has served on the MPC since September 2015. Professor Jonathan Haskel’s second three-year term will also begin on 1 September 2021.

The Chancellor of the Exchequer Rishi Sunak said:

I would like to thank Gertjan Vlieghe for his crucial contribution to monetary policy making over the last 6 years.

I am very happy to announce the appointment of Dr. Catherine L. Mann – her breadth of experience across policy, research and the private sector will be immensely useful to the MPC.

I am also delighted to re-appoint Professor Jonathan Haskel to the MPC and I am confident his expertise in productivity and innovation will continue to play an important role.

The Governor of the Bank of England, Andrew Bailey said:

I’m delighted that Dr. Catherine L. Mann has been appointed to the Monetary Policy Committee. Her international policy experience, and breadth of research will be a valuable addition to the Committee.

I’m also very pleased that Professor Jonathan Haskel has been reappointed for a second term. His work on monetary policy has been effective and insightful, and the Committee will continue to benefit from his expertise.

About Dr. Catherine L. Mann

Dr. Catherine L Mann is an international economist whose career has spanned across domestic policy in the USA, and global analysis at international organisations, research and the private sector. Most recently, Catherine was the Global Chief Economist at Citibank from February 2018 to May 2021. Prior to that she was the Chief Economist and G20 Finance Deputy at the OECD from October 2014 to November 2017. She has also held positions at Brandeis University, the Federal Reserve Board of Governors, the White House and the World Bank among others.

About Professor Jonathan Haskel

Professor Jonathan Haskel has been an external member of the MPC since September 2018. Alongside this, Professor Haskel is a part-time Professor of Economics at Imperial College Business School and prior to that was Head of the Economics Department at Queen Mary, University of London. He is a Non-Executive Director of the UK Statistics Authority, and is an expert in productivity and innovation.

About the appointment process

Dr. Catherine L. Mann has been appointed following an open recruitment process run by HM Treasury. A panel comprising of Clare Lombardelli (Director General and Chief Economic Advisor, HM Treasury), James Benford (Director of Economics, HM Treasury) and Dame Kate Barker (external member of the MPC from 2001 to 2010) interviewed a number of candidates and made recommendations to the Chancellor, which informed his decision.

The Treasury is committed to appointing a diverse range of people to public appointments, including at the Bank of England. The Treasury continues to take active steps to attract the broadest range of suitable applicants for posts.

Reappointments are not automatic and each case is considered on its own merits. Professor Jonathan Haskel was reappointed to the MPC following consideration by the Chancellor of a number of factors including the diversity of the current board and its balance of skills and experience.

About the Monetary Policy Committee

The independent Monetary Policy Committee makes decisions about the operation of monetary policy. It comprises of the Governor of the Bank of England, the three Deputy Governors, one member of the Bank with responsibility for monetary policy and four external members who are appointed by the Chancellor. External members may serve up to two three-year terms on the MPC.

The appointment of external members to the MPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank. Each member of the MPC has expertise in the field of economics and monetary policy. They are independent and do not represent particular groups or areas.

• More than 55,000 new jobs created last year thanks to foreign investment
• Scotland, South West, East of England and West Midlands see biggest job increases
• New figures show foreign investment is levelling up whole of the UK

Foreign investment created 55,319 new jobs across the country last year, according to new figures published today (22nd June) by the Department for International Trade (DIT).

Of the total new jobs, nearly 48,000 were created thanks to Government support, where DIT has worked directly with the investing companies and provided services to ease their entry into the UK.

Despite the economic global slowdown due to the pandemic, the UK remains one of the most attractive places in the world to invest in with 1,538 foreign direct investment (FDI) projects in the 2020/2021 financial year.

The UK economy showed its underlying strengths, attracting investment from around the world. The USA continues to be our biggest investor, with India second.

France, Germany and Canada all continue to invest strongly in the UK. Meanwhile Sweden, Switzerland, the Netherlands and South Africa increased the number of FDI projects last year compared to 2019/20.

New jobs created by FDI projects in the South West were up 52% in the last financial year. The East of England and West Midlands attracted a higher number of new jobs than pre-pandemic levels, and Scotland saw a new jobs boost of 10% from 2,946 in 2019/20 to 3,254 in 2020/21. Wales attracted 72 new investment projects, up from 61 and 52 in previous years.

Industries like food and drink, creative and media, environment, infrastructure and transportation, as well as biotechnology and pharmaceuticals all contributed to the jobs boost across the nation.

International Trade Secretary Liz Truss said:

From Scotland to the South West, the UK remains one of the most attractive destinations in the world to invest in. Today’s foreign direct investment figures prove we’re resilient and strong in the face of economic uncertainty, and we know that more trade equals more jobs.

As we strike trade deals across the globe, we’re opening up even more opportunities for investors, exporters and businesses to grow, creating jobs, boosting the economy and levelling up the entire UK as we can build back better from the pandemic.

Minister for Investment Gerry Grimstone said:

Driving inward investment into all corners of the UK to help boost the economy and create jobs is our top priority.

Amid the unprecedented challenges caused by the Covid crisis, it’s fantastic that Scotland and regions like the Midlands have secured new jobs and prosperity.

DIT works closely with investors across the globe to make the UK the destination of choice for investment.

Recent analysis by United Nations Conference on Trade and Development confirmed the UK’s leading place in the world as an FDI destination, with the total inward FDI stock increasing from $2.1 trillion in 2019 to $2.2 trillion in 2020. This was second highest in the world after the US.

The government is ramping up efforts to attract investment, level-up the country and increase exports having recently launched four major new trade and investment hubs in Scotland, Wales, Northern Ireland and the North-East of England.

Last year the Prime Minister Boris Johnson also announced a major addition to the UK Government’s ability to attract foreign investment through the Office for Investment. This new Office will help resolve potential barriers to investment, support existing investors and land high-value, high-impact investment that help boost economic recovery across the country.

Background:

Department for International Trade inward investment results 2020 to 2021

In his second visit within nine months, the Foreign Secretary has met counterpart Vietnamese Foreign Minister, Minister Bui Thanh Son, to discuss the implementation of the UK-Vietnam Strategic Partnership Agreement, in addition to subjects such as the global health security, climate change and Myanmar.

The visit will build momentum for the UK’s bid to join the regional trade block – the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The UK Government is today setting out its approach to membership, alongside the release of the UK‘s strategic case for seeking CPTPP accession to include scoping and economic assessments.

During the visit, the UK also looked to progress its ambition for ‘ASEAN Dialogue Partnership’ status, which would allow the UK to further strengthen relations with ASEAN countries, based on shared interests and mutual benefits.

Speaking in Vietnam, Foreign Secretary, Dominic Raab, said:

The UK greatly values our friendship with Vietnam. Since my last visit, we have made progress on trade and economic ties.

We welcome Vietnam’s support for UK’s accession to the CPTPP trading block, and I am very grateful for its ASEAN chairmanship last year – laying the foundations towards the UK becoming an ASEAN dialogue partner.

The Foreign Secretary has met President Nguyen Xuan Phuc at the Presidential Palace where climate change and Vietnam’s ambition for energy transition were key topics discussed.

Dominic Raab’s meeting with Deputy Prime Minister Pham Binh Minh covered developments within the Strategic Partnership Agreement, COP26, Covid-19 recovery and maritime security. The Strategic Partnership framework sets out cooperation between the two countries for the next ten years.

The Foreign Secretary has also met the Minister of Public Security, To Lam, with topics of discussion including cooperation to tackle illegal migration, human trafficking and transnational crime.

While in Hanoi, the Foreign Secretary delivered opening remarks at the 5th ASEM (Asia-Europe Meeting) on the UK’s ambitions for its ’Indo-Pacific tilt‘ to an audience of more than fifty countries. In attendance were several regional foreign ministers, including Vietnam’s Foreign Minister Son, Singaporean’s Foreign Minister Balakrishnan, Cambodian Foreign Minister Sokhonn, Laos‘ Foreign Minister Kommasith, Korea‘s Foreign Minister Chung, as well as the European Union’s High Representative Borrell, Russian Foreign Minister Lavrov and Portugal’s Vice Foreign Minister, Zacarias.

Today, the Foreign Secretary also announced UK funding to support a network of women peacebuilders and mediators across the region through the ASEAN Women’s Peace Registry. The financial contribution will also help ASEAN develop its Regional Action Plan on Women, Peace and Security and support ASEAN member states, including Vietnam, to develop and implement their own National Action Plans.

The visit comes ahead of the UK’s Carrier Strike Group led by the HMS Queen Elizabeth, which will make its maiden visit to the region, arriving in Singapore later this year.