A senior economist at Brevan Howards Asset Management has been appointed to the monetary policy committee.
Gertjan Vlieghe will be appointed for an initial three-year term which will take effect from 1 September.
Dr Vlieghe will become an external member to replace Professor David Miles, who comes to the end of his extended second term at the end of August.
Chancellor of the exchequer George Osborne said: “Monetary policy plays a critical role in our long-term economic plan, delivering economic security to working people.
“Dr Vlieghe is an economist of outstanding ability who brings to the role experience from his time at both the Bank of England and the financial services industry, and will be a strong addition to the MPC.”
Before becoming a partner at Brevan Howards Asset Management, Dr Vlieghe was a director at Deutsche Bank.