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Bank of England

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Charlotte Hogg will take up her new role on 1 March

Charlotte Hogg has been appointed as the Bank of England’s new deputy governor for markets and banking.

Ms Hogg, who is currently the Bank’s chief operating officer, will succeed Minouche Shafik, who is leaving the Bank at the end of February.

Her role will cover responsibility for the Bank’s bond-buying programme.

In a separate announcement, the Bank said that Monetary Policy Committee member Kristin Forbes would be leaving the committee at the end of June.

Ms Forbes is an external member of the MPC, the committee which sets interest rates. The Bank said she would be returning to her career as an academic in the US.

Among the MPC members she has been more sceptical of the Bank’s huge stimulus programme, and on Tuesday said that interest rates might need to be raised soon.

“Kristin Forbes leaving the MPC could modestly dilute the possibility of interest rates rising sooner rather than later – although much will obviously depend on who replaces her on the MPC,” said Howard Archer, chief UK and European economist at IHS Global Insight.

‘Key time’

During her career, Charlotte Hogg has also worked at consultants McKinsey, US bank Morgan Stanley, credit agency Experian and Santander UK bank.

Announcing her new role at the Bank, Chancellor Philip Hammond said: “I’m confident that her exceptional leadership skills and wide-ranging experience make her the right person to take on the position.

“Charlotte has done an excellent job as the Bank’s first chief operating officer. She will take over this new role at a key time for the City.”

Bank of England governor Mark Carney said: “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.

“Charlotte’s breadth of financial sector and operational experience will contribute valuable, broader perspectives to the Bank’s policy committees.”