Bank of England gains new deputy governor Dave Ramsden and chief operating officer Joanna Place

 
Jasper Jolly
Follow Jasper
Bank Of England Cut Interest Rates To All Time Low
Source: Getty

The Treasury has appointed Sir Dave Ramsden as the Bank of England's new deputy governor for markets and banking starting on 4 September.

Separately the Bank has appointed Joanna Place as chief operating officer, in charge of the day-to-day operations at the Bank with immediate effect.

The two hires have been made to fill the vacancy left by former deputy governor Charlotte Hogg, who resigned from her dual roles at the Bank in March after failing to declare a potential conflict of interest.

Ramsden will also join the Bank's interest rate-setting monetary policy committee (MPC), making him a crucial player in monetary policy at a time when the top economists at Threadneedle Street are split over the right level of interest rates. However, he will not take part in next week's meeting.

Read more: Charlotte Hogg vindicated but her exit remains a loss

Ramsden is a top civil servant at the Treasury, where he has served as chief economic adviser since 2007 and a member of the department's board. In that role he has been present at MPC meetings throughout his time, representing the government.

Vicky Pryce, an economist at the Centre for Economics and Business Research who previously worked with Ramsden as co-head of the Government Economic Service, said Ramsden was a "true civil servant".

"He's a very capable chap," she said. "He's not scared to put his view forward."

On monetary policy Ramsden may be on the more moderate end of the scale, Pryce said.

"I wouldn't put him on the extra-hawkish side," she said. "He would look at [monetary policy] very much from what is good for the economy and for growth."

David Owen, chief European financial economist at Jefferies bank, said: "Rightly or wrongly Sir Dave Ramsden will be considered a dovish appointment as far as monetary policy is concerned in the UK."

Read more: Kristin Forbes fires parting shot at Bank of England's doves

Ramsden has been intimately involved in some of the most important government economics work of recent times, including the Treasury's infamous analysis of the potential consequences of a Brexit vote before last year's referendum, as well as the work carried out to decide if the UK should join the euro from 1999 to 2003.

Ramsden will also become a member of the financial policy committee (FPC), in which he will have a hand in assuring the stability of the UK's financial system.

Mark Carney, the governor of the Bank of England, said: “I am delighted that Dave Ramsden has been appointed as deputy governor for markets and banking. As an outstanding public servant, he will bring a wealth of experience and economic expertise to the Bank’s policy committees.”

Ramsden said: “I am honoured to be joining the Bank and to be given the opportunity to contribute to the Bank’s mission to maintain monetary and financial stability, at such an important time for the UK economy.”

Place, meanwhile, has been serving as acting chief operating officer since the start of May, and was previously executive director of human resources at the Bank.

The chief operating officer holds the same status and pay to a deputy governor within the Bank, although her role will not impact monetary and financial policy in the same way.

Place said: “I am delighted to take up the role of chief operating officer and look forward to working with colleagues from across the Bank as we seek to maximise our potential in the service of the people of the United Kingdom.”

Read more: Heads up, monetary policy is finally going back to normal