HM Treasury has named Prof Brian Bell as its new chief economic adviser and head of the Government Economic Service.
Bell, who is currently chair of the Migration Advisory Committee, will take up post on 9 March. He replaces Sam Beckett, who retired from the civil service earlier this year – although, unlike her, he will not be second permanent secretary of the department.
The Treasury’s recruitment campaign offered a salary of up to £208,000 for its next chief economic adviser, which is a director-general level post with responsibility for providing macroeconomy and fiscal policy advice to both the chancellor and the prime minister.
Bell will also be responsible for leading the Treasury’s economics function and its work to deliver the government’s economic objectives.
In addition to his MAC role, he is a professor of economics at King’s Business School, King’s College London. He has previously held roles at the Bank of England and the International Monetary Fund, as well as positions in the private sector, working as an economist and proprietary trader for hedge funds and investment banks in London.
HM Treasury permanent secretary James Bowler said he was pleased to welcome Bell to the department as “director general economics and fiscal” and chief economic adviser.
“His extensive experience in economic research and policymaking, at leading financial institutions, and the financial services sector will be invaluable as we work to deliver the government’s economic agenda,” Bowler said.
“I look forward to working with him as he leads the department’s economic analysis, advice to ministers, and Government Economic Service.”
Chancellor Rachel Reeves said Bell would “strengthen” the government’s economic leadership.
“Thanks to the choices we’ve made we have had six interest rate cuts since the election, inflation is falling faster than expected and we have beaten the OBR’s growth forecasts,” she said. “Through stability, investment and reform, this government has the right plan for our economy.”
Bell said: “This is a pivotal moment for the UK economy, with an ambitious plan to deliver growth, reduce the cost of living and improve economic security for households and businesses across the country.
“I look forward to working with colleagues across the Treasury, the wider civil service and our partners to provide rigorous economic advice to the chancellor and the prime minister, and to help ensure policy decisions deliver real benefits for people and communities in every part of the UK.”
Bell has been a member of the MAC since 2018 and has served as its chair since 2020.
He is a leading labour economist and his work on immigration has included examining the progress of immigrants in the UK labour market and the impact of immigration on crime.