Katharine Braddick has been appointed as the Bank of England's next deputy governor for financial stability, succeeding Sir Jon Cunliffe when his term ends in March 2024. The Treasury confirmed the appointment on Friday, highlighting Braddick's extensive experience in financial regulation and policy.
Background and Experience
Braddick currently serves as the director general of financial services at the Treasury, a role she has held since 2019. She previously worked at the Bank of England for 15 years, including as director of financial stability strategy and risk. Her career also includes a stint at the Financial Conduct Authority as director of strategy and competition.
According to Chancellor Jeremy Hunt, Braddick's "deep expertise in financial regulation and policy will be invaluable" in her new role. He added that she "brings a wealth of experience from both the Treasury and the Bank of England."
Role and Responsibilities
As deputy governor for financial stability, Braddick will oversee the Bank's work on financial system resilience, including stress testing, risk assessment, and regulatory policy. She will also serve as a member of the Financial Policy Committee and the Prudential Regulation Committee.
Braddick's appointment comes at a time of heightened focus on financial stability, with the Bank monitoring risks from higher interest rates, geopolitical tensions, and the non-bank financial sector.
Reactions and Implications
Bank of England Governor Andrew Bailey welcomed the appointment, stating that Braddick's "experience and judgment will be a great asset to the Bank." Sir Jon Cunliffe, who has served as deputy governor since 2013, praised Braddick as "a highly respected public servant."
Braddick's appointment is part of a broader reshuffle at the Bank, with Sarah Breeden set to become deputy governor for financial stability in November 2023, before moving to the role of deputy governor for markets and banking in 2024. The changes aim to ensure continuity and fresh perspectives in the Bank's leadership.
Braddick will take up her post on March 1, 2024, for a five-year term. She will be the second woman to hold the role, following Breeden's interim tenure.
