Andy Haldane has been elected the new president of the British Chambers of Commerce (BCC), succeeding the serial entrepreneur and business doyenne Baroness Lane Fox.
The central banking veteran, who spent eight years on the Bank of England’s Monetary Policy Committee, was chosen to head up the business lobby group by representatives of its chamber network at its Annual General Meeting on Wednesday.
He will take on the role – one of the most prestigious in the British corporate sphere – from Martha Lane Fox in February. The lastminute.com founder’s three-year term culminates at the end of this year, but previous commitments mean Haldane will not take over until two months later.
Haldane spent over 32 years as an official at the Bank of England, ultimately becoming the bank’s chief economist before stepping down in 2021.
He then served as chief executive of the Royal Society of Arts, a role which he left earlier this year.
“Having spent the whole of my professional life working with, and learning from, British businesses and the Chambers, I am thrilled and honoured to be joining the BCC as President,” Haldane said.
“I do so all too aware that I am following in the footsteps of Baroness Lane-Fox who has been such an extraordinary force for good for the BCC, for British business and beyond.”
Speaking at the City AM Awards earlier this year, Haldane described a world “riddled with both risk and risk-aversion” where businesses and investors have been “scarred, financially and psychologically” by a succession of shocks from the financial crisis and the Euro crisis to Brexit, Covid and US tariffs. He said the resulting risk-aversion has led to an environment of “no or low return, no or low investment, low or no growth.”
Haldane described this as “essentially the story of the past couple of decades” and called for greater-risk taking backed by radical regulatory reform if the UK is to break out of a “cycle of doom and gloom” powered by “uncertainty, risk-aversion and low growth.”
Pivotal period for UK businesses
Haldane takes on the role as BCC president – one of the most prominent ambassadorial posts for UK business – at pivotal period for the private sector’s relationship with government. Many bosses are still reeling from the £25bn payroll tax raid unleashed on the private sector at last year’s Budget, which blindsided all of the so-called “Big 5” lobby groups, and soured government-business relations.
Earlier this week, BCC director general Shevaun Haviland pleaded with the Treasury not to mount a similar raid on business to plug what is believed to be a £30bn shortfall in the public finances at next month’s Budget, which she branded “make or break”.
She also called for policymakers to overhaul the much-maligned business rate system and axe the windfall tax on North Sea oil and gas.
Sarah Howard, BCC chair, said of Haldane’s appointment: “Andy brings with him a wealth of relevant experience to his new role. His knowledge and expertise will help the BCC and our Chamber Network to continue navigating the geopolitical and economic uncertainty we currently face.
“I would also like to thank Martha for the huge contribution she has made to the BCC over the last three years. She has been an incredible advocate for businesses across the UK and beyond. She has represented the BCC with insight and dedication during a period of significant change.”