08:36

Phillip Hammond has found a new Bank of England deputy governor to replace the disgraced Charlotte Hogg from within his own Treasury ranks.

The chancellor has appointed the Treasury’s chief economic adviser, Sir David Ramsden to replace Hogg, who resigned earlier this year after failing to disclose that her brother was a senior executive at Barclays – a bank she would have regulated.

Ramsden’s full title will be deputy governor of markets and banking.



Hogg was also chief operating officer, but that post is going to someone else. The Bank of England will make a separate announcement about that post later today.

Ramsden has a long list of responsibilities in his new role, the Treasury said, including : specific responsibility for managing the balance sheet, the government’s foreign exchange reserves, and the gathering of market intelligence relevant to policy decisions.

Sir Dave, as he is known, 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.