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Bank of England: Charlotte Hogg appointed as deputy governor | Bank of England: Charlotte Hogg appointed as deputy governor |
(35 minutes later) | |
Charlotte Hogg has been appointed as the Bank of England's new deputy governor for markets and banking. | Charlotte Hogg has been appointed as the Bank of England's new deputy governor for markets and banking. |
Ms Hogg, who is currently the Bank's chief operating officer, will succeed Minouche Shafik, who is leaving the Bank at the end of February. | Ms Hogg, who is currently the Bank's chief operating officer, will succeed Minouche Shafik, who is leaving the Bank at the end of February. |
Her role will cover responsibility for the Bank's bond-buying programme. | Her role will cover responsibility for the Bank's bond-buying programme. |
In a separate announcement, the Bank said that Monetary Policy Committee member Kristin Forbes would be leaving the committee at the end of June. | In a separate announcement, the Bank said that Monetary Policy Committee member Kristin Forbes would be leaving the committee at the end of June. |
Ms Forbes is an external member of the MPC, the committee which sets interest rates. The Bank said she would be returning to her career as an academic in the US. | Ms Forbes is an external member of the MPC, the committee which sets interest rates. The Bank said she would be returning to her career as an academic in the US. |
Among the MPC members she has been more sceptical of the Bank's huge stimulus programme, and on Tuesday said that interest rates might need to be raised soon. | Among the MPC members she has been more sceptical of the Bank's huge stimulus programme, and on Tuesday said that interest rates might need to be raised soon. |
"Kristin Forbes leaving the MPC could modestly dilute the possibility of interest rates rising sooner rather than later - although much will obviously depend on who replaces her on the MPC," said Howard Archer, chief UK and European economist at IHS Global Insight. | |
'Key time' | 'Key time' |
During her career, Charlotte Hogg has also worked at consultants McKinsey, US bank Morgan Stanley, credit agency Experian and Santander UK bank. | During her career, Charlotte Hogg has also worked at consultants McKinsey, US bank Morgan Stanley, credit agency Experian and Santander UK bank. |
Announcing her new role at the Bank, Chancellor Philip Hammond said: "I'm confident that her exceptional leadership skills and wide-ranging experience make her the right person to take on the position. | Announcing her new role at the Bank, Chancellor Philip Hammond said: "I'm confident that her exceptional leadership skills and wide-ranging experience make her the right person to take on the position. |
"Charlotte has done an excellent job as the Bank's first chief operating officer. She will take over this new role at a key time for the City." | |
Bank of England governor Mark Carney said: "Many of the top priorities in Markets and Banking currently coincide with those of the Bank's central operational areas, meaning Charlotte is the ideal person to lead these efforts. | Bank of England governor Mark Carney said: "Many of the top priorities in Markets and Banking currently coincide with those of the Bank's central operational areas, meaning Charlotte is the ideal person to lead these efforts. |
"Charlotte's breadth of financial sector and operational experience will contribute valuable, broader perspectives to the Bank's policy committees." | "Charlotte's breadth of financial sector and operational experience will contribute valuable, broader perspectives to the Bank's policy committees." |
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