Beath (pictured), a professor at the School of Economics and Finance at the University of St Andrews, will sit on the council for three years.

He has also held posts at the Universities of Cambridge and Bristol and was appointed secretary-general of the Royal Economic Society in June last year.

Meanwhile Michael Lamb, professor of psychology in the social sciences at the University of Cambridge, and David Walker, head of communications at the Audit Commission, have been reappointed to the council. Lamb will serve another two years and Walker a further three.