In 1999 he chaired a UK government inquiry into the future funding of the BBC.
Davies was born on November 27 1950 and graduated in economics from St John's College, Cambridge in 1972, followed by two years of research at Balliol College, Oxford.
He was an economic adviser to the 10 Downing Street Policy Unit from 1976 to 1979 and economist with Phillips and Drew from 1979 to 1981.
He was then chief UK economist at Simon & Coates until 1986 when he joined Goldman Sachs as chief UK economist.
Prior to his appointment as BBC chairman he was chief international economist and managing director of Goldman Sachs International.
From 1991 to 1999 he was principal economics commentator with The Independent newspaper, and from 1992 to 1997 a member of HM Treasury's independent forecasting panel.
He became an OBE in 1979 and has been Visiting Professor at the London School of Economics and an economic adviser to the House of Commons Treasury Select Committee.
He was awarded an Honorary Doctor of Science in Social Sciences from the University of Southampton in 1998.
In July 2002 he received an Honorary Degree of Doctors of Laws from Nottingham University and was also appointed a Fellow of Aberystwyth University.
He is married with two sons and one daughter, and lists Southampton FC among his interests.
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