The Chancellor has announced that Sarah Breeden will succeed Sir
as the next Deputy Governor for Financial Stability
(DGFS) at the
Bank of England.
His Majesty The King has approved the appointment.
Sarah will take up her role at the Bank on 1 November 2023
for a term lasting five years.
The new Deputy Governor for Financial Stability will lead the
Bank of England’s work on financial stability, will sit on the
Financial Policy Committee (and chair it in the Governor’s
absence) the Monetary Policy Committee and the Prudential
Regulation Committee and play a key role in providing a link
between financial stability and monetary policy.
Sarah will also be a member of the Court of the Bank of England,
Chair the Financial Market Infrastructure Board, and represent
the Bank of England on a number of national and international
bodies.
Sarah will succeed Sir , who has served since 2013.
, Chancellor of the Exchequer,
said:
“I am pleased to appoint Sarah Breeden as the next Deputy
Governor of the Bank of England who brings extensive experience
to the role including from her work as a member of the FPC and
across monetary, economic and financial matters.
“I want to thank Sir for his decade of service as Deputy Governor of the
Bank of England. Over the last 10 years, he has led the Bank’s
work on delivering financial stability and has played a key role
in ensuring Britain’s financial services are well placed to
thrive in the future.”
Andrew Bailey, Governor of the Bank of England, said:
“I am delighted that Sarah has been appointed
as DGFS.
She will bring a wealth of financial and economic policy
knowledge to the role, both domestically and internationally.”
About the appointments
The Bank of England is the central bank of the UK. It is governed
by the board of directors known as the Court of Directors.
Further information can be found at the Bank of
England website.
The Deputy Governor for Financial Stability is appointed by His
Majesty the King, on the recommendation of the Prime Minister and
the Chancellor of the Exchequer.
The role is subject to pre-commencement scrutiny by the Treasury
Select Committee.
Public appointments are made on merit following a fair and open
competition process.
About Sarah Breeden
Sarah is currently at the Bank of England, serving as Executive
Director for Financial Stability Strategy and Risk and a member
of the Financial Policy Committee (FPC). Prior to her current
role, Sarah was the Executive Director responsible for
supervising UK Deposit Takers, and before that was responsible
for the supervision of the International banks. Sarah is
also a trustee of the Education Endowment Foundation.
Footnotes
Following the principles in the Governance Code, there is a
requirement for appointees’ political activity (if any is
declared) to be made public. Sarah has confirmed she has not
engaged in any political activity in the last five years.
