Author Archives: HM Government

The Chancellor today (27 July 2017) announced that Sir Dave Ramsden has been appointed as the new Deputy Governor of Markets and Banking at the Bank of England.

Her Majesty the Queen has agreed, on the recommendation of the Chancellor and Prime Minister, to appoint Sir Dave effective from 4 September 2017 and for a renewable term of five years.

Sir Dave will replace Charlotte Hogg, who announced in March that she was resigning her position. The role of Chief Operating Officer will be announced separately by the Bank today.

As the Bank’s Deputy Governor for Markets and Banking, Sir Dave will have specific responsibility for managing the balance sheet of the Bank. He will look after the execution of financial stability and monetary policy decisions via balance sheet operations, the management of the government’s foreign exchange reserves, the gold custody services, the operation of the Real Time Gross Settlement System, the effective risk management of these operations and the gathering of market intelligence relevant to policy decisions. Sir Dave will also be a member of the Monetary Policy Committee, the Financial Policy Committee, the Prudential Regulation Committee and the Court of the Bank of England.

The Chancellor of the Exchequer, Philip Hammond, said:

I’m delighted to appoint Sir Dave Ramsden as the next Deputy Governor for Markets and Banking. Sir Dave’s unrivalled experience at the centre of UK economic policy for more than two decades gives him the thorough grounding needed to be successful in his new role. His departure will be a loss to the Treasury but he will be a huge asset to the Bank and I wish him every success.

Sir 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.

The Governor of the Bank of England, 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.

As part of the major study, the government’s independent advisers on migration will also look at how the UK’s immigration system should be aligned with a modern industrial strategy.

The Home Secretary has today (27 July) asked the government’s independent advisers on migration to complete a detailed assessment of the role of EU nationals in the UK economy and society.

Amber Rudd has commissioned the Migration Advisory Committee (MAC) to examine the British labour market, the overall role of migration in the wider economy and how the UK’s immigration system should be aligned with a modern industrial strategy.

The commission represents an extremely important piece of work, with free movement ending when we exit the EU. Plans for the UK’s future immigration system are being developed which will enable the government to control the flow of migration from Europe.

The Home Office will ask the MAC to focus the study on patterns of EU and EEA (European Economic Area) migration, considering regional distribution; skill levels; industry sectors and the role of the self-employed, part-time, agency, temporary and seasonal workers.

Home Secretary Amber Rudd said:

Leaving the European Union gives us the opportunity to take control of immigration from the EU. We will ensure we continue to attract those who benefit us economically, socially and culturally.

But, at the same time, our new immigration system will give us control of the volume of people coming here – giving the public confidence we are applying our own rules on who we want to come to the UK and helping us to bring down net migration to sustainable levels.

The study I am asking the Migration Advisory Committee to complete is a major step in ensuring we create a system that works in the best interests of the country.

The Home Secretary also underlined there will be an implementation period when the UK leaves the EU to ensure there is no ‘cliff edge’ for employers or EU nationals in the UK.

In addition to the MAC commission, there will be an extensive cross-government programme of engagement over the coming months with stakeholders from a number of sectors, including business, industry, trades unions and educational institutions.

The MAC, which comprises of a group of internationally recognised experts in their field, will assess and build on the internal cross-government work that has already been completed.