London: Charlotte Hogg was appointed deputy governor for markets and banking at the Bank of England, just over three years after she joined to take on a newly created role of chief operating officer.
She replaces Minouche Shafik, who is leaving at the end of the month to become director of the London School of Economics. Hogg moved to the BOE from Santander in 2013, when she took the COO position. Her appointment coincided with the arrival of Mark Carney as governor that year.
The appointment comes at a critical time for monetary policy. Prime Minister Theresa May is due to start formal exit negotiations with the European Union by the end of March and has indicated Britain is likely to leave the single market. While the economy has performed better than expected in the wake of the June vote to leave the EU, inflation has been fueled by the pound’s drop since the referendum and Governor Mark Carney says consequences of Brexit have barely begun.
Together with Deputy Governor for Financial Stability Jon Cunliffe, Hogg will be responsible for the BOE’s international strategy and will represent the central bank on several global forums.
As well as managing the balance sheet, the role has a broad remit including looking after the central bank’s market operations, the government’s foreign-exchange reserves, the UK’s large-value payment system, and the gathering of market intelligence.
Hogg will also join the BOE’s rate-setting Monetary Policy Committee. Separately, the bank announced that Kristin Forbes, an external member of the panel, will leave at the end of June. She will return to the Massachusetts Institute of Technology rather than seek a second term, leaving Hogg as the only woman on the nine-member MPC.
