BOE's Broadbent Appointed Bean's Successor as Deputy Governor
Bloomberg News
Ben Broadbent, an external member of the Bank of England's Monetary Policy Committee, will replace Charlie Bean as deputy governor for monetary policy.
Announcing the appointment today, Chancellor of the Exchequer George Osborne said Broadbent takes up the post 'at a critical time' for the central bank. Osborne also announced the appointment of International Monetary Fund official Nemat Shafik as deputy governor for markets and banking, a new position at the central bank, and Anthony Habgood as chairman of the BOE's board.
Broadbent joined the bank in 2011 from Goldman Sachs Group Inc., where he was a senior European economist. He also teaches economics at the London Business School and previously worked at the U.K. Treasury. He has been appointed deputy governor for a five-year term starting July 1. Osborne didn't name a replacement for him on the MPC.
'I am delighted to announce the appointment of three such highly qualified and experienced people,' Osborne said. 'Their impressive experience of business, economics and international finance will strengthen and diversify the bank's top team and enable them to continue to face Britain's ongoing economic challenges.'
In 33 policy meetings, Broadbent almost always voted with the majority of the nine-member MPC, including at two meetings in 2012 when the panel increased the size of its quantitative-easing program. He was defeated in a vote in July 2012, when he was one of two dissenters to a further increase in stimulus. He always voted to maintain the key interest rate at a record-low 0.5 percent.
Broadbent's first term on the MPC was due to end on May 31. He is one of four external members of the panel, who are not career officials at the central bank.
Bean is stepping down after extending his retirement date by one year to ease Mark Carney's transition after he took up the post of central bank governor in July 2013.
To contact the reporter on this story: Jennifer Ryan in London at jryan13@bloomberg.net
To contact the editors responsible for this story: Craig Stirling at cstirling1@bloomberg.net Fergal O'Brien, Eddie Buckle
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