Three specialists with extensive experience have been recruited to form Aberdeen City Council’s first Economic Policy Panel.
Earlier this year it was agreed a panel should be created with a remit of advising on the economic performance of the city and the region.
It follows Aberdeen City Council’s success in becoming the first local authority in Scotland achieve a credit rating and turn to the capital markets, raising £370million through a London Stock Exchange bond issue in November 2016 to support a £1billion capital programme.
The panel is tasked with assessing performance against the region’s overarching economic objective of inclusive growth, in support of the Council’s annual credit rating assessment.
A national recruitment exercise was undertaken and last week (23 August) the appointment of the three preferred candidates was approved by full Council.
Stephen Boyle, Dr Hanan Morsy and Douglas Peedle have been chosen to form the panel. Mr Boyle is the Chief Economist at the Royal Bank of Scotland Group plc, Dr Morsy is the Lead Economist (Southern and Eastern Mediterranean) for the European Bank for Reconstruction and Development (EBRD) and Mr Peedle is Chief Economic Adviser to the States of Jersey.
Aberdeen City Council co-leader Cllr Douglas Lumsden, convener of the Finance, Policy and Resources committee, said: “To have such a knowledgeable and experienced group in place is of great benefit, not only to Aberdeen City Council but to the region as a whole.
“The Council is committed to playing a key role in economic growth and recognises the importance of independent expertise. We look forward to working with Stephen, Hanan and Douglas going forward and to utilising the insight, analysis and experience they bring.
“We have agreed that the panel’s annual economic report will be forwarded to the Scottish Government Council of Economic Advisors, which advises Ministers on how to best position Scotland among the world’s most competitive economies, to support the work of its members.”
Aberdeen makes a significant contribution to the Scottish and UK economies – with a GVA contribution of over £18bn and a GVA per head of £36,726, which is 55% higher than the Scottish average.
Each panelist will get paid between £15,000 – £17,000 per year for one day a month which equates to about £1,300 per day.
Panel member biographies:
Currently Chief Economist at the Royal Bank of Scotland Group plc, Stephen is also a Non-Executive Director of RBS Pension Trustee Limited. He is a member of the Scottish Government’s Enterprise and Skills Review Implementation Board and the Economic Advisory Group for the British Chambers of Commerce. Stephen is a member of the Scottish Experts Advisory Group at the Fraser of Allander Institute and is a trustee of the David Hume Institute.
Dr Hanan Morsy
Dr Hanan Morsy is a global strategist, macro-economic and public policy expert with diversified experience in top international financial institutions and the private sector. She has provided strategic advice and quantitative policy analysis to national governments on macroeconomic, fiscal and financial issues as well as on private sector development and structural reforms. She is currently the Lead Economist (Southern and Eastern Mediterranean) for the European Bank for Reconstruction and Development (EBRD). Prior to joining the EBRD, she held Senior Economist roles across different departments at the International Monetary Fund. She has a PhD in Economics (Essays on Financial Turmoil) from the George Washington University and a Masters in Economics from the University of California, Davis. She has been published on a diverse range of topics including Structural Reform, Fiscal Stimulus and Current Account Determinants for Oil-Exporting Countries. She was a member of the Global Sovereign Risk Panel founded by the Peterson Institute for Economics and Moody’s Investor Services to exchange views and analysis on sovereign credit risk issues.
Since March 2004, Dougie has been the Chief Economic Adviser to the States of Jersey, advising on all aspects of macro and microeconomic policy. During his tenure in the role, he has been the lead adviser on the development of Jersey’s new fiscal framework which has included the establishment of an independent Fiscal Policy Panel and policy for a type of sovereign wealth fund. Dougie has also led the development of the last two Economic Development Strategies for Jersey and has worked extensively on competition and innovation policy. Prior to working in Jersey, Dougie held senior economist roles with both the CBI and Engineering Employers’ Federation (EEF) and also worked as international economist for multinational Rio Tinto.