The economics division of the Bank of England (BoE) is set to undergo a revamp in the near future as the institution prepares to take on new regulatory powers, it has emerged.
Under the plans of the central body, governor Mervyn King and chief economist Spencer Dale are to restructure the professional set up of this department through appointing various officials to new posts.
Mr King and deputy governor Charles Bean will be required to step down from their positions next year after reaching the end of their second terms in office and changes are thought to be necessary if the BoE is to adapt to its new powers over financial institutions.
With this in mind, professionals including James Bell, Neal Hatch, Phil Evans and Chris Young will be taking up new positions as the institution looks to fast-track its best talent towards the Monetary Policy Committee.
Jens Larsen, chief European economist at RBC Capital Markets, told Bloomberg: "They're the up-and-coming people."
By Asim Shah