Bank of England chief economist Andy Haldane said central banks and other economic policy-makers have a pivotal role to play in reviving local communities, as he presented ideas for economic modelling from the ground up.

Haldane gave his backing to the idea put forward by former Reserve Bank of India governor Raghuram Rajan in his new book, The third pillar. Rajan argues that while the state and markets have grown strong in recent decades, communities have been left behind, and that has