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| Bank of England sees new deputy governors in shake-up | |
| (about 1 hour later) | |
| Two new deputy governors have been named at the Bank of England, as part of a radical shake-up by governor Mark Carney. | |
| Ben Broadbent will become deputy governor responsible for monetary policy, and Nemat Shafik will take charge of markets and banking. | Ben Broadbent will become deputy governor responsible for monetary policy, and Nemat Shafik will take charge of markets and banking. |
| Both will sit on the rate-setting monetary policy committee (MPC). | Both will sit on the rate-setting monetary policy committee (MPC). |
| And Andy Haldane, executive director for financial stability, will swap jobs with chief economist Spencer Dale. | |
| The appointments are the first of several changes being made as part of what Mr Carney has said will be a "root-and-branch" review of how the Bank conducts market intelligence, following criticism of its response to claims of manipulation of foreign exchange (forex) rates. | |
| It is thought he will use a speech in London on Tuesday evening to announce his plans to modernise the Bank. | It is thought he will use a speech in London on Tuesday evening to announce his plans to modernise the Bank. |
| Philip Shaw, chief economist at Investec, said the dramatic changes indicated the extent of the changes Mr Carney planned to make. | |
| "He's serious about making reform, not only to the structure of the Bank... but also in terms of its culture," he said. | |
| 'Ambitious agenda' | 'Ambitious agenda' |
| Ben Broadbent, who takes over from the retiring Charlie Bean on 1 July, will now be responsible for the Bank's analysis of the UK economy. | |
| Ms Shafik, an International Monetary Fund official, will become the first female MPC member since 2010 when she replaces executive director for markets, Paul Fisher, on 1 August. | Ms Shafik, an International Monetary Fund official, will become the first female MPC member since 2010 when she replaces executive director for markets, Paul Fisher, on 1 August. |
| She will be in charge of the Bank's eventual exit from its quantitative easing policy, which it has so far used to inject £375bn into the economy by buying government bonds. | She will be in charge of the Bank's eventual exit from its quantitative easing policy, which it has so far used to inject £375bn into the economy by buying government bonds. |
| Ms Shafik will also lead the Bank's review on its market intelligence, which has come under attack after claims some Bank officials knew about the alleged fixing of foreign exchange rates. | Ms Shafik will also lead the Bank's review on its market intelligence, which has come under attack after claims some Bank officials knew about the alleged fixing of foreign exchange rates. |
| In other changes, Anthony Habgood was named as chairman of the Bank's supervisory body, the Court of Directors, whose role will be to oversee Mr Carney's governance, including the Bank's adherence to official rules on how it operates. | |
| "These appointments result in a well-rounded senior management team at the Bank - one that will set the direction for an ambitious agenda of transformation," said Mr Carney. | "These appointments result in a well-rounded senior management team at the Bank - one that will set the direction for an ambitious agenda of transformation," said Mr Carney. |
| BNP Paribas economist David Tinsley said the appointments would add "a degree of raised uncertainty" about when the central bank would start to raise interest rates from their current 0.5% record low. |