Dr Sentance has worked as a business economist for over 20 years and was a member of the Monetary Policy Committee for six years until May 2011.

During this time he consistently urged the Bank of England to fight rising inflation and raise interest rates, often being the sole supporter of an interest rate rise.

Prior to this he was head of economic policy at the Confederation of British Industry and chief economist for British Airways. He now works as senior economic adviser to PricewaterhouseCoopers.

Also awarded a CBE was David Hall, chairman of the Financial Services Compensation Scheme David Hall for services to the financial services industry.

Mr Hall worked as chairman of the FSCS since March 2006 and was reappointed in March 2009 for another three year term.

He is currently working his final few months as he will be leaving the Board in March this year.

He previously worked as senior vice president for Boston Consulting Group and is currently a member of the Advisory Board of Campbell-Lutyens, a specialist advisory investment bank, and consultant to the Board of C Hoare and Co, an independent private bank.