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Bank of England announces three senior appointments Bank of England announces three senior appointments
(1 day later)
Governor Mark Carney has unveiled a major overhaul with the announcement of three senior appointments at the Bank of England.Governor Mark Carney has unveiled a major overhaul with the announcement of three senior appointments at the Bank of England.
The blizzard of announcements saw the appointment of the Bank’s first woman deputy governor in more than five years with the appointment of Egyptian-born IMF deputy managing director Nemat Shafik in the newly created role of Deputy Governor for markets and banking. The blizzard of announcements saw the appointment of the Bank's first woman deputy governor in more than five years with the appointment of Egyptian-born IMF deputy managing director Nemat Shafik in the newly created role of Deputy Governor for markets and banking.
She will plot an exit from the Bank’s money-printing programme, improve its market intelligence capabilities and represent the Bank at international bodies including the IMF. She will plot an exit from the Bank's money-printing programme, improve its market intelligence capabilities and represent the Bank at international bodies including the IMF.
External member Ben Broadbent also becomes Deputy Governor for monetary policy, replacing Charlie Bean who retires in the summer. Broadbent — highly rated by the Treasury where he used to work — has had a meteoric rise since joining the Bank from Goldman Sachs in 2011. Deputy governors earn £260,000 plus pension. External member Ben Broadbent also becomes Deputy Governor for monetary policy, replacing Charlie Bean who retires in the summer. Broadbent - highly rated by the Treasury where he used to work - has had a meteoric rise since joining the Bank from Goldman Sachs in 2011. Deputy governors earn £260,000 plus pension.
The changes come as Carney looks  to break down “silos” between different departments and include more cross-departmental roles, as the Bank takes on new powers to supervise financial institutions as well as controlling inflation. The changes come as Carney looks  to break down "silos" between different departments and include more cross-departmental roles, as the Bank takes on new powers to supervise financial institutions as well as controlling inflation.
Other senior changes involve chief economist Spencer Dale swapping jobs with the Bank’s executive director for financial stability Andy Haldane; Haldane will now sit on the Bank’s rate-setting monetary policy committee. Anthony Habgood was confirmed as the new chairman of the Bank’s Court, replacing Sir David Lees. Other senior changes involve chief economist Spencer Dale swapping jobs with the Bank's executive director for financial stability Andy Haldane; Haldane will now sit on the Bank's rate-setting monetary policy committee. Anthony Habgood was confirmed as the new chairman of the Bank's Court, replacing Sir David Lees.
The biggest loser is current director for markets, Paul Fisher, who loses his spot on the MPC to Shafik. Fisher came under heavy fire last week as the Bank was dragged into the foreign exchange fixing scandal, drawing criticism when he said “it isn’t our job to go hunting” for market wrongdoing. The biggest loser is current director for markets, Paul Fisher, who loses his spot on the MPC to Shafik. Fisher came under heavy fire last week as the Bank was dragged into the foreign exchange fixing scandal, drawing criticism when he said "it isn't our job to go hunting" for market wrongdoing.
The manoeuvring heralds a huge turnaround on the MPC since Lord King retired as Governor.The manoeuvring heralds a huge turnaround on the MPC since Lord King retired as Governor.
BNP Paribas economist David Tinsley said: “It certainly adds a degree of raised uncertainty as to how the debate on the MPC will go from the second half of this year, when most of the changes occur. In Paul Fisher’s departure the MPC is clearly losing a ‘dove’. But in Spencer Dale’s move off the MPC it is also losing a ‘hawk’.” BNP Paribas economist David Tinsley said: "It certainly adds a degree of raised uncertainty as to how the debate on the MPC will go from the second half of this year, when most of the changes occur. In Paul Fisher's departure the MPC is clearly losing a 'dove'. But in Spencer Dale's move off the MPC it is also losing a 'hawk'."