The Chancellor has announced that Sarah Breeden will succeed Sir Jon Cunliffe as the next Deputy Governor for Financial Stability (DGFS) at the Bank of England.
His Majesty The King has approved the appointment.
Sarah will take up her role at the Bank on 1 November 2023 for a term lasting five years.
The new Deputy Governor for Financial Stability will lead the Bank of England's work on financial stability, will sit on the Financial Policy Committee (and chair it in the Governor's absence) the Monetary Policy Committee and the Prudential Regulation Committee and play a key role in providing a link between financial stability and monetary policy.
Sarah will also be a member of the Court of the Bank of England, Chair the Financial Market Infrastructure Board, and represent the Bank of England on a number of national and international bodies.
Sarah will succeed Sir Jon Cunliffe, who has served since 2013.
Jeremy Hunt, Chancellor of the Exchequer, said:
"I am pleased to appoint Sarah Breeden as the next Deputy Governor of the Bank of England who brings extensive experience to the role including from her work as a member of the FPC and across monetary, economic and financial matters.
"I want to thank Sir Jon Cunliffe for his decade of service as Deputy Governor of the Bank of England. Over the last 10 years, he has led the Bank's work on delivering financial stability and has played a key role in ensuring Britain's financial services are well placed to thrive in the future."
Andrew Bailey, Governor of the Bank of England, said:
"I am delighted that Sarah has been appointed as DGFS. She will bring a wealth of financial and economic policy knowledge to the role, both domestically and internationally."
About the appointments
The Bank of England is the central bank of the UK. It is governed by the board of directors known as the Court of Directors. Further information can be found at the Bank of England website.
The Deputy Governor for Financial Stability is appointed by His Majesty the King, on the recommendation of the Prime Minister and the Chancellor of the Exchequer.
The role is subject to pre-commencement scrutiny by the Treasury Select Committee.
Public appointments are made on merit following a fair and open competition process.
About Sarah Breeden
Sarah is currently at the Bank of England, serving as Executive Director for Financial Stability Strategy and Risk and a member of the Financial Policy Committee (FPC). Prior to her current role, Sarah was the Executive Director responsible for supervising UK Deposit Takers, and before that was responsible for the supervision of the International banks. Sarah is also a trustee of the Education Endowment Foundation.
Footnotes
Following the principles in the Governance Code, there is a requirement for appointees' political activity (if any is declared) to be made public. Sarah has confirmed she has not engaged in any political activity in the last five years.
