View more on these topics

Bank of England appoints new deputy governor to manage Brexit strategy

Bank-of-England-BoE-Clock-700x450.jpg

The Bank of England’s chief operating officer Charlotte Hogg will become the Bank’s deputy governor as Threadneedle Street gears up for Brexit negotiations.

Hogg spent ten years at Morgan Stanley and then moved to Santander before being brought to the Bank in 2013.

She will both help manage the evolution of UK financial regulations as negotiations to leave the EU move forward, as well as sit on the Bank’s rate-setting monetary policy committee as she retains her role as chief operating officer.

Bank of England governor Mark Carney says: “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…her breadth of financial sector and operational experience will contribute valuable, broader perspectives to the Bank’s policy committees”.

Hogg replaces Minouche Shafik, who will become a director of the London School of Economics.

‘Gateway to Europe’

An executive board member for the German central bank, Dr Andreas Dombret, also warned German businesses and banks that London could lose its role as “the gateway to Europe” at a private meeting earlier this week, the BBC reports.

He described “intense uncertainty” over negotiations as they stand, and the UK could be “miles away from access to the single market” even if banking regulations were given “equivalence”.

Recommended

Bank-of-England-BoE-Clock-700x450.jpg

Bank of England warns of further flash crashes

The changing nature of foreign exchange markets could prompt more flash crashes like the one experienced last October when the pound dropped 9 per cent in a matter of seconds, according to a Bank of England boss. In a speech to the City last night, head of the Bank’s markets directorate Chris Salmon said increased […]

Europe-European-Flags-EU-700.jpg
3

May’s Brexit speech prompts banks to reveal EU plans

PM’s impending Brexit speech triggers response from banks UBS, HSBC and JPMorgan have confirmed they are planning to move thousands of jobs out of London now that they have a clearer idea of the Prime Minister’s Brexit strategy. The comments came at Davos where Theresa May is due to address business leaders this morning. UBS chairman […]

Mark-Carney-BoE-700x450.jpg
1

Carney hints Bank of England could raise UK growth forecasts

Bank of England governor Mark Carney has hinted the Bank of England could raise growth forecasts at its February meeting, but has warned that the UK economy’s resilience following Brexit has been driven by consumers. In a speech at the London School of Economics, Carney said monetary policy could respond in “either direction” to changes in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment