Sarah Breeden to succeed Jon Cunliffe as BoE deputy governor for financial stability

investmentweek.co.uk:

Sarah Breeden began working at the Bank of England in 1991.

In a statement, the UK Treasury said she will take up her role at the Bank on 1 November 2023 for a term lasting five years. Her appointment diversifies the Bank of England's top six positions, which are currently all filled by men.

The new deputy governor for financial stability will lead the Bank of England's work on financial stability, sit on the Financial Policy Committee, the Monetary Policy Committee and the Prudential Regulation Committee, and will play a key role in providing a link between financial stability and monetary policy.

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She will also serve as 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.

Prior to her current role, Breeden was the executive director for UK deposit takers supervision, responsible for supervising UK's banks, building societies and credit unions. She began working at the Bank of England in 1991.

Chancellor Jeremy Hunt 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.»

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Hunt thanked Cunliffe, whose ten-year term will end on 31 October, for his decade of service as deputy governor, noting that over the past decade, 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