Sir Alan BuddA founding member of the Bank of England's Monetary Policy Committee is among those from the finance and business sectors to be recognised in the 2013 New Year Honours list.

Sir Alan Budd, who was knighted in 1997, came out of retirement to lead the Office for Budget Responsibility (OBR) fiscal watchdog, and has been awarded a Knight Grand Cross for his services to economic policy.

Sir Alan helped set up the OBR - one of the first acts of the new coalition Government, designed to scrutinise fiscal policy and provide independent growth and borrowing forecasts.

There was also a strong presence from the private sector in the honours list, with industry leaders and entrepreneurs being recognised.

After a 45-year career at The Co-Operative Group, boss Peter Marks has been made a CBE.

He has been recognised for services to retail trade after creating the UK's fifth-largest food retailer, with the takeover of Somerfield. He is set to retire, and will be replaced by Euan Sutherland, chief operating officer at home improvements group Kingfisher - which owns Screwfix as well as DIY giant B&Q.

Also among those also awarded CBEs were former chief executive of Legal and General and Association of British Insurers chairman Timothy Breedon, John Fenwick, deputy chairman of department store Fenwick, former Tesco Asia chief executive David Potts and Berkeley Group chairman Anthony Pidgley.

Rolls-Royce chief operating officer Michael Terrett and International Power chief executive Philip Cox, also joined them on the list of CBEs.

In the travel industry, managing director of Thomson Airways Christine Browne, was recognised for services to aviation, with an OBE.

The boss of FTSE 250 company Imagination Technologies Group, Hossein Yassaie, was knighted for services to technology and innovation. He played a role in the development of the iPhone, with his company designing the graphic chips.

© 2012 Press Association