The Bank of England has appointed Sarah Breeden as its new deputy governor with responsibility for financial stability, which will also see her sit on the rate-setting Monetary Policy Committee.  

Breeden is currently the Bank’s executive director for financial stability strategy and risk and will take up her new role on 1 November. She will be one of four deputy governors and will serve a five-year term.  

She replaces Sir Jon Cunliffe who completes his term at the end of October.   

The central bank says Breeden will also sit on the Financial Policy Committee and the Prudential Regulation Committee, adding that she “will play a crucial role in ensuring the safety and stability of the UK’s financial sector”.  

Breeden joined the Bank in 1999 after an economics degree at Cambridge and has worked in a variety of senior roles, including the supervision of international banks. She was also head of the Northern Rock resolution team during from 2007 to 2008 during the financial crisis.  

Chancellor Jeremy Hunt says the Breedon brings “extensive experience” across “monetary, economic and financial matters”.  

Bank of England governor Andrew Bailey adds: “She will bring a wealth of financial and economic policy knowledge to the role, both domestically and internationally.”  

Breeden says: “The Bank plays a critical role in supporting UK prosperity and having been committed to central banking and public service for my entire career, it will be an honour and a privilege to take up this role.”  

She will also be a member of the Court of the Bank of England, chair the Financial Market Infrastructure Board, and will represent the Bank on several national and international bodies.