The Bank of England’s chief economist has revealed that he has struggled at times by not taking maths A-level, as he urged Britons to brush up on their numeracy skills.
Andy Haldane, 52, revealed that he had to teach himself A-level maths skills ‘one very difficult summer’ before pursuing a degree in economics at The University of Sheffield.
The economist, from Surrey, who is speaking at a virtual festival today, explained how workers who have been furloughed or made unemployed could use their time in lockdown to refresh their maths skills.
‘I didn’t do A-level mathematics, which is very unusual, actually, for an economist. That came back to bite me later on,’ Mr Haldane said in a video to mark National Numeracy Day, according to The Times.
Andy Haldane, 52, revealed that he had to teach himself A-level maths skills ‘one very difficult summer’ before pursuing a degree in economics at The University of Sheffield
Mr Haldane, who is vice-chair of the National Numeracy charity, added: ‘I was very far from being a natural at maths — something that’s only too apparent now I’m trying to teach my kids at home at the moment.’
In the clip, which airs today at 5.45pm, Mr Haldane revealed how ‘numbers and numeracy’ are vital in helping people make informed choices during the coronavirus pandemic.
The married father-of-three also encouraged people to take the 10-minute National Numeracy Challenge which is an online test allowing users to improve skills for everyday life such as measurements and percentages.
According to research to mark National Numeracy Day 2019, more than half of the working age population has the numeracy level expected from a primary school child.
Mr Haldane joined the Bank of England (pictured) in 1989 and in 2014 he was named by Time Magazine as among the world’s 100 most influential people
The survey of 2,000 adults aged 16 to 75 by Ipsos MORI, in partnership with the Policy Institute at King’s College London and National Numeracy, also revealed that those in older groups are more likely to be numerate than younger people.
And just one in five revealed that they would be proud of their child if they showed good results in maths and numeracy, compared to 50 per cent of parents who would be prouder if their child was good at reading and writing.
Mr Haldane joined the Bank of England in 1989 and in 2014 he was named by Time Magazine as among the world’s 100 most influential people.
Mr Haldane revealed how ‘numbers and numeracy’ are vital in helping people make informed choices during the coronavirus pandemic
He attended the mixed secondary Guiseley School in Leeds before studying his BA at Sheffield in 1988 before achieving an MA from the University of Warwick in 1989.
At sixth form he gained two As and a B and was the first in his family to attend university.
Mr Haldane, whose father was a professional trumpet player, revealed how studying at Warwick gave him ‘the tools of the trade’ to become a professional economist.
And while the Bank recruited almost exclusively from Oxbridge in the 1990s, Mr Haldane revealed how he was suddenly in the running when it decided to diversify.
Mr Haldane, whose father was a professional trumpet player, revealed how studying at Warwick gave him ‘the tools of the trade’ to become a professional economist
Mr Haldane said he was inspired to pursue a career in economics after growing up in the 1980s with high unemployment.
Speaking to Warwick Business School in 2019, he said: ‘I could see the real implications of the economy going wrong, for my friends, for my local community.
‘I asked myself ‘how do I make sense of this fail, how can it come to pass? What can be done to stop it happening?’
The economist revealed how those are the questions he asked himself at 13 and 14 and are still what drive him today.
Throughout his career, he has authored 200 articles and four books and is also an honorary professor at the University of Nottingham and was awarded an honorary doctorate from the University of Warwick in 2019.
Mr Haldane is also a member of the Bank of England’s Monetary Policy Committee and Chair of the Government’s Industrial Strategy Council.
He was part of the Bank’s financial stability department during the crisis of 2008 and became the Executive Director the following year.
Mr Haldane is also the founder and trustee of Pro Bono Economics which helps charities and social enterprises improve their value and impact in society.
Speaking to The Sunday Times in 2016, Mr Haldane said he did not consider himself ‘wealthy’ despite a basic salary of more than £180,000 at the time.
He owns two homes – one in Surrey and a holiday home on the Kent coast – and chose property rather than a pension when asked which was best for retirement planning.
Mr Haldane added: ‘I see myself as not having to worry about money, but plainly not wealthy. I never have [felt wealthy], and never expect to in this job.
‘I’m in a position where I don’t have to worry about money when paying for the things in life my family needs.’