Bank Of England In Deputy Governor Shake-Up

The Bank of England has named two new deputy governors as part of a major shake-up under boss Mark Carney.

They have been revealed as the bank's Monetary Policy Committee (MPC) member Ben Broadbent and International Monetary Fund (IMF) deputy managing director Nemat Shafik.

Dr Shafik will be the first female MPC member since 2010.

Mr Broadbent is to replace Charlie Bean as deputy governor responsible for monetary policy, from July 1 onwards.

From August 1, Ms Shafik will be in the role of deputy governor for markets and banking.

They have the roles under five-year terms and will also sit on the BoE's Financial Policy Committee (FPC).

The FPC regulates banks and the rate-setting MPC.

She will replace current MPC member Paul Fisher, who is the bank's executive director for markets.

Prior to taking the IMF role in 2011, Ms Shafik was the Government's permanent secretary at the Department for International Development (Dfid), from March 2008 to March 2011.

Dr Shafik - who has Egyptian, US and British nationality - was previously the youngest ever vice president at the World Bank.

She will be responsible for the BoE's exit from the £375bn quantitative easing policy.

In addition, Dr Shafik will review intelligence-gathering on markets.

The BoE has come under increasing scrutiny over allegations that some traders in the City have manipulated key foreign exchange rates.

Mr Broadbent previously worked as an economist at Goldman Sachs and becomes the first external MPC member given a deputy governor role at the bank.

He will be responsible for analysis of the UK economy and bank notes.

The BoE also confirmed Sky News City Editor Mark Kleinman's report that Anthony Habgood would become chairman of its court of directors, from July 1.

Mr  Habgood is chairman of brewer Whitbread and publishing company Reed Elsevier.

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