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The Bank of England  (MPC) announced on Tuesday that Chief Economist Andy Haldane will quit his position and step down from the Monetary Policy Committee (MPC) after June’s meeting, as reported by Reuters.

“Andy Haldane will become the Chief Executive of the Royal Society for Arts, Manufactures and Commerce,” the BoE further added.

Market reaction

The British pound weakened modestly against its major rivals after this headline. As of writing, the GBP/USD pair was trading at 1.3707, losing 0.25% on a daily basis.