Bank of England appoints Dave Ramsey as deputy governor and MPC member

The UK government has confirmed the appointment of David Ramsden as a deputy governor of the Bank of England for Markets and Banking, meaning he will become a member of the rate-setting Monetary Policy Committee.

Ramsden, who will take part of the role vacated by Charlotte Hogg after she resigned from the role due to failure to comply with the Bank of England's code of conduct, joins from the Treasury where he has served as director general and chief economic adviser.

Hogg's replacement as the BoE’s chief operating officer was also announced in the form of Joanna Place, who has been acting as COO since 1 May.

As the Bank’s deputy governor for markets and banking, Ramsden's role will entail specific responsibility for managing the balance sheet of the Bank that includes the implementation of monetary policy, the provision of liquidity insurance to the financial system, the management of the government’s foreign exchange reserves and the provision of gold custody services.

On his appointment, Governor Mark Carney 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".

For his part, Dave 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".

At the Treasury, Ramsden has sat on the panel that has interviewed previous MPC candidates and made recommendations to the chancellor.

Economists at Jefferies said that Ramsden will be "considered a dovish appointment".

Nomura noted that the Treasury man has been "very tight-lipped when it comes to monetary policy".