The Treasury has announced the appointment of Professor Jonathan Haskel as an external member of the Bank of England’s Monetary Policy Committee (MPC).

However, the Guardian reported that four women were on the shortlist but an internal panel made up of two women and one man chose Haskel as the best candidate.

Professor Haskel will replace Ian McCafferty, who will come to the end of his second term on 31 August 2018.

Professor Haskel is currently a Professor of Economics at Imperial College Business School, where he will continue to teach part time, 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 has expertise in productivity growth, and particularly intangible assets. He recently published Capitalism Without Capital: The Rise of the Intangible Economy, co-authored with Stian Westlake. He received his PhD from the London School of Economics.

The Chancellor of the Exchequer, Philip Hammond said: “I am delighted that Professor Haskel is joining the MPC. I am confident that his expertise in productivity and innovation will further sharpen the Committee’s understanding of the British economy.

“I also want thank Ian McCafferty for his six years of service. His insights from business have been invaluable and I wish him well for the future.”