Belfast Telegraph

Treasury veteran Sir Dave Ramsden takes deputy governor role at Bank of England

Senior civil servant and Treasury veteran Sir Dave Ramsden has been appointed as the new deputy governor for markets and banking at the Bank of England following the departure of Charlotte Hogg.

Sir Dave, who led the Treasury's work on whether the UK should join the euro at the turn of the century, will also join the Bank's rate setting Monetary Policy Committee (MPC).

His appointment comes after the Bank was left red-faced in March when Ms Hogg resigned just two weeks after she took up the post for failing to declare her brother works for Barclays.

A scathing verdict in a report by MPs on the Treasury Select Committee found her "professional competence falls short" of the standards required for the role after the conflict of interest breach.

The omission saw her fall foul of the code of conduct rules she helped to draw up at the Bank.

Her departure, and that of Kristin Forbes earlier this year, leaves the MPC with only one female member, Silvana Tenreyro.

Sir Dave said: "I am honoured to be joining the Bank and to be given the opportunity to contribute to the Bank's mission to maintain monetary and financial stability, at such an important time for the UK economy."

Taking up his role in September, Sir Dave will also become a member of the Financial Policy Committee, the Prudential Regulation Committee and the Court of the Bank of England.

Sir Dave joined the civil service in 1986, subsequently joining the Treasury in 1988 and currently acts as its chief economic adviser.

He was knighted for service to economic policy making in the 2015 New Year honours list.

Chancellor Philip Hammond, said: "I'm delighted to appoint Sir Dave Ramsden as the next deputy governor for markets and banking.

"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."

Ms Hogg acted as deputy governor on top of her role as chief operating officer, with the Bank deciding to split the role after she left.

The Bank announced separately today that Joanna Place will now become chief operating officer.

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