The Archbishop of Canterbury is joining a group of eminent thinkers and activists as part of a plan to reshape the post-Brexit UK economy.

The Most Rev Justin Welby, who worked in the oil industry before becoming a priest, has been announced as part of the Commission Of Economic Justice.

The project – launched by the think tank the Institute for Public Policy Research (IPPR) – will also feature business, trade union, academic and political leaders. There are 23 commissioners in total and they will work over a two year period.

Tom Kibasi of the IPPR said: "The Brexit vote and the election of Donald Trump shows we must build an economy with economic justice at its heart. The problems we face aren't temporary weaknesses in an otherwise sound model."

Welby has gained a reputation for astute interventions in political and economic matters, having been a member of the banking standards parliamentary commission while Bishop of Durham. He has launched a series of projects aimed at helping financial inclusion and has become a well-respected voice in the media.

Kibasi said there was an ambitious target for the commission. "The foundations of our economy need to be rethought and the rules of the economy need to be rewritten," he said.

"We need big, bold and ambitious change. Rethinking by half just won't do."