Bank of England Forms New Economic Data Unit Under Andy Haldane

Bank of England's (BoE) new Chief Economist Andy Haldane is creating a new economic analysis unit at the central bank to improve its data crunching capabilities.

Bloomberg, citing a spokesperson at the BoE, reported that Paul Robinson, formerly the global head of foreign-exchange research at Barclays Plc, has joined the BOE to lead the unit.

Robinson, who will report directly to Haldane, will serve the central bank as head of advanced analytics and will run a small team recruited internally.

There will also be a second newly created unit at the bank to take care of research.

The move is part of BoE Governor Mark Carney's efforts to restructure the bank's operations, amid rising criticism over its response to possible manipulation of foreign exchange rates.

Carney has earlier undertaken one of the biggest overhauls of the BOE since it was founded more than 300 years ago. Under the "One Bank" plan, Haldane, formerly executive director for financial stability, swapped jobs with Spencer Dale in June and to take care of a broader role heading research and statistics.

Bloomberg noted that the design of the two new teams mirrors Carney's plan to integrate departments. The units will work with the institution's monetary analysis, financial stability and supervision areas.