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Treasury Committee approves Sarah Breeden’s appointment as Deputy Governor for Financial Stability at Bank of England

14 September 2023

The Treasury Committee has published its report on the appointment of Sarah Breeden as Deputy Governor for Financial Stability at the Bank of England.

In the new role, Ms Breeden will succeed Sir Jon Cunliffe in leading the Bank of England’s work on financial stability. She will sit on the Monetary Policy Committee, Financial Policy Committee and the Prudential Regulation Committee, ensuring there is coordination between the Bank’s monetary policy and its financial stability. 

In August 2023, the Government announced their intention to appoint Sarah Breeden as Deputy Governor for Financial Stability. Sarah currently serves as the Executive Director for Financial Stability Strategy and Risk, and she is a member of the Financial Policy Committee (FPC). 

The Committee held a pre-commencement hearing on Tuesday 12 September and, in a new report published today, outlines it is satisfied that Sarah Breeden has the appropriate professional competence and personal independence for the role. 

In the session, MPs discussed Ms Breeden’s view on topics including her views on the voting record of her predecessor, the balance between economic growth and combatting inflation, the impact of quantitative tightening on the real economy and how she will challenge groupthink. 

In the report, the Committee noted the Monetary Policy Committee needs to be comprised of people with a range of views and experiences to ensure that any concern about groupthink can be allayed. 

The Committee wishes Sarah Breeden every success in the role and looks forward to taking evidence from her in the future.

Further information

Image credit: UK Parliament/Elspeth Keep