UK lawmakers have approved the appointment of Sarah Breeden as Bank of England Deputy Governor for Financial Stability.
(Bloomberg) — UK lawmakers have approved the appointment of Sarah Breeden as Bank of England Deputy Governor for Financial Stability.
Breeden, who has spent her entire career at the BOE and will now sit on the rate-setting Monetary Policy Committee, appeared in front of the House of Commons Treasury Committee on Tuesday to face questions about her nomination by Chancellor Jeremy Hunt.
She vowed to avoid “groupthink,” a criticism which has been leveled at BOE officials in the past as many have similar working backgrounds, and said the MPC was facing a difficult balancing act between getting inflation down and preventing tipping the economy into an unnecessary recession.
Read more: BOE’s New Deputy Governor Says UK Faces Two-Year Stagnation
In a statement released Thursday, The Treasury Committee said it was “satisfied that Sarah Breeden has the appropriate professional competence and personal independence.”
Breeden will start her term in November, after the BOE’s next rate decision next week. She will replace Jon Cunliffe, who served as a deputy governor since 2013.
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