A British Indian investment expert is among four financial specialists appointed to a new Economic Advisory Council by UK Chancellor Jeremy Hunt to meet regularly and act as a consultative forum to offer independent advice to the government.
Sushil Wadhwani, who heads up PGIM Wadhwani asset management firm as Chief Investment Officer and has over 30 years of investment experience, has been a former member of the Bank of England’s independent Monetary Policy Committee (MPC). He will join Gertjan Vlieghe of Element Capital, who has also been a member of the MPC, and Rupert Harrison of BlackRock and Karen Ward of J.P. Morgan Asset Management, who have experience of working with past UK finance ministers.
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Announcing the measure in the House of Commons this week, Hunt said the group will provide "more independent expert advice" to ministers.
Hunt said: “I look forward to working with such an esteemed group of economic experts, whose advice will be invaluable.
“In a period of global economic challenge and volatility, exacerbated by [Russian President] Putin’s illegal invasion of Ukraine, prioritising UK economic stability is vital and will underpin long-term growth.”
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The announcement comes as the Chancellor, parachuted in last week by outgoing British Prime Minister Liz Truss to replace sacked Kwasi Kwarteng, committed to do “whatever is necessary for economic stability” as he reversed almost all of his predecessor’s mini-budget tax cuts in an emergency fiscal statement this week.
The UK Treasury said all members of the new council, to be expanded in due course, will be attending in an independent capacity and have been chosen for their “personal knowledge and expertise”, as relevant to advising the government on the UK economy. Care will be taken to ensure Council members are not privy to any material non- public information, or market sensitive information, the Treasury said.