Politics

HM Treasury has today (9 February 2017) announced that Her Majesty the Queen has agreed, on the recommendation of the Chancellor and Prime Minister, to appoint Charlotte Hogg as Deputy Governor for Markets and Banking at the Bank of England.

The appointment is effective from 1 March and for a renewable term of five years.

Charlotte Hogg will succeed Minouche Shafik, who will leave at the end of February. In addition to taking on the role of Deputy Governor, Charlotte will continue in her current role as Chief Operating Officer.

As the Bank’s Deputy Governor for Markets and Banking, Charlotte will have specific responsibility for managing the balance sheet of the Bank. She 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, gold custody services, the operation of the real time settlement system, the effective risk management of these operations and the gathering of market intelligence relevant to policy decisions. Charlotte 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 Charlotte Hogg as the next Deputy Governor for Markets and Banking. I’m confident that her exceptional leadership skills and wide-ranging experience make her the right person to take on the position.

Charlotte has done an excellent job as the Bank’s first Chief Operating Officer. She will take over this new role at a key time for the City.

I would like to thank Minouche Shafik for all her valuable work at the Bank, particularly on fair and effective markets. I wish her the best as she moves into her new role as Director of the London School of Economics.”

Charlotte Hogg said:

I am grateful for the opportunity to serve the Bank’s mission in this broader role, and I am committed to doing so to the best of my ability. I feel privileged to be able to build off the great work Minouche has done, and to work with such talented colleagues.

The Governor of the Bank of England, Mark Carney, said:

I am delighted that Charlotte has agreed to become Deputy Governor for Markets and Banking and the Bank’s Chief Operating Officer. Many of the top priorities in Markets and Banking currently coincide with those of the Bank’s central operational areas, meaning Charlotte is the ideal person to lead these efforts. Charlotte’s breadth of financial sector and operational experience will contribute valuable, broader perspectives to the Bank’s policy committees. I look forward to working with her in her new role.

The Bank of England has also today announced that Kristin Forbes will be stepping down at the end of her three year term as an external member of the Monetary Policy Committee. The Treasury will begin the process of recruiting her replacement shortly.

The Chancellor of the Exchequer, Philip Hammond, said:

I would like to thank Kristin Forbes, who the Bank announced today will be stepping down from the Monetary Policy Committee at the end of June, for the significant contribution she has made to the Committee’s work during her membership. I wish her success for her future plans.

In meetings with his counterpart Roberta Pinotti, Sir Michael Fallon said Britain was a key ally of Italy and would not be stepping back from European defence and security commitments following the Brexit vote.

They reviewed their partnership within the NATO alliance in particular. After the UK has spearheaded NATO’s Very High Readiness Joint Task Force this year, Italy will take on the responsibility in 2018.

The UK and Italy are also working closely to tackle illegal mass migration. The Defence Secretary confirmed the UK is considering providing more training to Libya’s Coastguard as part of support to Operation Sophia, which focuses on tackling human smugglers and arms traffickers who endanger the lives of migrants seeking travel to Europe.

Defence Secretary Sir Michael Fallon said:

In leading NATO’s high readiness force and tackling illegal migration in the Mediterranean, Britain stands together with Italy to tackle threats to our security.

The Royal Navy has played a key role in training the Libyan Coastguard and we’re now looking at extending this training alongside Italy and other European partners.

A small team of specialist Royal Navy personnel successfully trained members of the Coastguard before Christmas in the southern Mediterranean. They were taught search and rescue techniques and how to sail alongside, board and inspect vessels.

The purpose of the training, led by the Italians, is to increase Libya’s ability to secure its own borders by increasing their Coastguard’s ability to disrupt people smuggling and illegal arms trafficking in and around Libya.

Elsewhere, the UK has also supported NATO counter migration efforts in the Aegean Sea, and HMS Mersey recently returned home following six months supporting this task, contributing to nearly twelve months of Royal Navy presence in the Aegean. She will now undertake maritime security operations around the UK, maintaining the integrity of home waters.

Sir Michael added:

NATO is the cornerstone of our Defence, and the UK remains committed to European security, working with Italy and our European friends to tackle threats.

The Defence Secretary and Defence Minister Pinotti also discussed the development of the UK – Italian Defence industrial relationship, and potential trade options in the future. Sir Michael extended an invitation to host his Italian counterpart in the UK.

Sir Michael also recognised Italy’s contribution to peace operations around the world and domestically, including support to disaster relief operations after earthquakes and heavy snowfall.

• HMS Echo continues to spearhead the UK’s role in Operation Sophia, and Royal Navy ships have rescued more than 15,000 of the 32,000 lives saved since operations in the Mediterranean began.
• Echo has already rescued nearly 2,000 people and was involved in a rescue incident as recently as last week, when more than 500 migrants were saved.
• Royal Navy vessels have destroyed more than 140 smuggler vessels, and in addition to Echo, several other ships have been involved: HMS Enterprise, HMS Bulwark, HMS Diamond, HMS Richmond and RFA Mounts Bay.