BoE deputy governor role given to Treasury official

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Sir Dave RamsdenImage source, HM Treasury

Senior Treasury civil servant Sir Dave Ramsden has been selected as the Bank of England's new governor for markets and banking.

He replaces Charlotte Hogg, who resigned in March just two weeks into the job after failing to declare her brother worked for Barclays.

Sir Dave will also join the Bank's Monetary Policy Committee (MPC), which sets interest rates.

He said he was "honoured" to be given the role, which he starts in September.

He added that he welcomed "the opportunity to contribute to the Bank's mission to maintain monetary and financial stability, at such an important time for the UK economy".

Given Sir Dave's present job as chief economic adviser to the Treasury, his personal views on monetary policy are not clear.

Nomura economist George Buckley said: "He's been very tight-lipped when it comes to monetary policy. Even on fiscal policy... he communicates the government's and the [Office for Budget Responsibility's] view."

'Unrivalled experience'

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

He joined the civil service in 1986 and moved to the Treasury in 1988.

Previously, he led the Treasury's work at the turn of the century on whether the UK should join the euro.

Chancellor 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."

Ms Hogg's departure, following that of Kristin Forbes earlier this year, leaves the MPC with only one female member, Silvana Tenreyro.

MPs on the Treasury Select Committee found Ms Hogg's professional competence fell "short" of the standards required for the role after she admitted the conflict of interest.