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Bank of England picks new markets and banking head

Sir David Ramsden

The Bank of England has appointed a new deputy governor of markets and banking, a key post left vacant after its first pick was unexpectedly forced to resign over potential conflicts of interest.

The central bank said that Sir David Ramsden, a chief economic adviser to the UK Treasury and its board, will begin the five-year term on September 4. Ramsden joined the Treasury in 1988 and previously led its work on whether the UK should join the euro.

The job had originally been handed to Charlotte Hogg in February. But barely two weeks into the role, she came under fire for failing to disclose during her application that her brother, Quintin Hogg, held a senior strategy role at Barclays.

UK banks like Barclays fall firmly under the remit of the deputy governor of markets and banking and it was ultimately deemed by the powerful Treasury Select Committee that Hogg had fallen short of the “very high standards” required for the position.

Hogg described the oversight as an “honest mistake” but stepped down in mid-March.

Ramsden’s responsibilities will include managing the Bank of England’s balance sheet and overseeing the implementation of financial stability and monetary policy decisions.

He will also become a member of the Monetary Policy Committee, the Financial Policy Committee, the Prudential Regulation Committee and the Court of the Bank of England.

UK Chancellor of the Exchequer Philip Hammond said: “Sir Dave’s unrivalled experience at the centre of UK economic policy for more than two decades gives him the thorough grounding needed to be successful in his new role. His departure will be a loss to the Treasury but he will be a huge asset to the Bank and I wish him every success.”

Hogg had kept her role as chief operating officer at the Bank of England when she took over the deputy governor role. That position has now been split and the bank has named Joanna Place, acting operating chief since May 1, to that role on a permanent basis.


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