Breeden becomes deputy governor of BoE

In a groundbreaking move for gender representation, the Bank of England is poised to reach a historic milestone with the largest-ever number of women on its interest rates setting committee. This follows the announcement that Sarah Breeden, an experienced insider at the central bank, will assume the role of deputy governor for financial stability in November.

As part of her new position, Breeden will join the rate-setting Monetary Policy Committee (MPC) and chair the Financial Policy Committee, filling in for Bank of England Governor Andrew Bailey when needed. This appointment marks the first time since 2017 that a woman has been chosen for the role of deputy governor from within the bank’s ranks, with Charlotte Hogg being the last internal appointee. However, Hogg’s tenure was short-lived due to her resignation two weeks into the role after a controversy surrounding her failure to disclose her brother’s employment with Barclays, a bank regulated by the Bank of England.

Replacing Sir Jon Cunliffe, who is retiring after a distinguished career in Whitehall and the Bank, Breeden’s ascent through the organisation’s complex management structures over the past three decades is a testament to her dedication and expertise. Her journey began in 1991 as an assistant private secretary to the governor.

In her new capacity, Breeden will be responsible for the Bank’s cryptocurrency policy and will address broader concerns related to the stability of the banking and financial sector. Collaborating closely with Sam Woods, the head of the Prudential Regulation Authority, who is also a member of the Bank’s staff, Breeden will play a crucial role in shaping the country’s financial policies.

Apart from her impressive career trajectory, Breeden has actively promoted diversity within the Bank of England, co-creating and co-chairing the institution’s women’s network for a remarkable eight years.

With Breeden’s appointment, the Monetary Policy Committee will soon have four women among its nine members, including Swati Dhingra, Catherine Mann, and Megan Greene. Although the other three members are external appointments from academia and the financial industry, this achievement still marks a significant advancement for gender diversity in the MPC.

Since the formation of the Monetary Policy Committee in 1997, following the Bank of England’s independence from the Treasury, there has never been a time when four women have been entrusted with shaping UK interest rate policy.

Bank of England Governor Andrew Bailey expressed his confidence in Breeden, praising her extensive knowledge of financial and economic policy both domestically and internationally. With Breeden’s appointment, the Bank of England continues to take strides toward a more diverse and inclusive leadership, setting an example for other financial institutions to follow.