OREANDA-NEWS. BP today announced the appointment of Spencer Dale as its new Group Chief Economist with effect from the end of October.

Mr Dale joins BP from the Bank of England where he is currently Executive Director for Financial Stability Strategy and Risk. He is also a member of the Bank's Financial Policy Committee.

In his previous capacity as the Bank's Chief Economist, Mr Dale served for six years on the Monetary Policy Committee. Since joining the Bank in 1989, Mr Dale's roles included working as private secretary to former Governor Mervyn King and a secondment as a visiting Senior Adviser in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System in the United States.

Welcoming the appointment, Dev Sanyal, BP's Executive Vice President Strategy and Regions, said: “We are delighted to have someone of Spencer's calibre and experience for this senior, strategic position within BP. Spencer's deep experience in central banking and his communications and financial markets background will be invaluable as we look to understand the future of energy markets globally.”

Spencer Dale commented: “I am delighted that I will be working in a critical sector for the global economy in one of Britain's leading companies. I look forward to bringing my experience of macroeconomics and the public sector to the world of international energy.”

In his capacity as Group Chief Economist, Mr Dale will be responsible for advising BP's Board and executive team on economic drivers and trends in global energy. He will lead an international team of senior economists whose responsibilities include overseeing the preparation and presentation of the annual BP Statistical Review of World Energy and the BP Energy Outlook.