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”.