BoE’s Andy Haldane re-elected to set interest rates

Chief economist has attracted criticism for saying advisers do not understand pensions and that property beats pensions for retirement planning

Andy Haldane

Bank of England chief economist Andy Haldane, who courted controversy when he claimed advisers do not understand pensions, has been re-elected to the Bank’s Monetary Policy Committee.

Haldane has served a three-year term on the MPC, and has appointed for a further three-year term with effect from today by Bank governor Mark Carney following consultation with Chancellor Philip Hammond.

In May 2016 Haldane admitted he could not make “the remotest sense of pensions” and added “conversations with countless experts and IFAs have confirmed for me only one thing – they have no clue either. That is a desperately poor basis for sound financial planning.”

He prompted further outcry in August by arguing that property is a better bet for retirement saving than a pension pot.

Earlier this year Haldane said economists were in crisis after failing to forecast the financial crisis and the impact of Brexit.