Bank of England deputy governor quits for LSE role

By on 12/09/2016 | Updated on 25/09/2020
The deputy governor of the Bank of England, Dame Minouche Shafik, is to become the director of the London School of Economics.

The deputy governor of the Bank of England, Dame Minouche Shafik, is to quit her post to become the director of the London School of Economics.

Shafik, who has been at the bank since August 2014, will remain in her position until the end of February 2017 before taking up the prestigious post at the LSE in September that year.

She has held a number of high-profile roles, most recently serving as deputy managing director of the International Monetary Fund between 2011 and 2014. She went to the IMF after a 2008-11 stint as permanent secretary at the UK’s Department for International Development, and before that she was vice president of the World Bank.

During her time at the Bank of England she has been responsible for a number of core aspects of the body’s work, including leading and implementing the Monetary Policy Committee’s quantitative easing programme. She also co-chaired the Fair and Effective Markets Review, launched by former chancellor George Osborne in 2014 to look at the functioning of financial markets.

Bank of England governor, Mark Carney, said the bank would bid farewell to Shafik with “gratitude and regret”.

“She helped drive vital reforms on the domestic and international stages, perhaps most prominently in the successful completion of the Fair and Effective Markets Review, which she co-chaired,” Carney said.

“She has overseen a transformation in how we manage our balance sheet and is modernising our high-value payments system. This has been alongside the invaluable insight she brings to all three main policy committees of the Bank and the inspirational leadership she gives to her colleagues.”

Shafik said in a statement that she was leaving the bank with a “deep appreciation for its work and much admiration of its staff”.

“I have especially enjoyed connecting the dots and the people across the Bank’s monetary, macroprudential and microprudential policy responsibilities,” she added.

Alan Elias, the LSE’s acting chair, said Shafik would bring to the university an “exemplary track record” and a “global standing to match LSE’s own international reach and reputation.”

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About Ben Willis

Ben Willis is a journalist and editor with a varied background reporting on topics including public policy, the environment, renewable energy and international development. His work has appeared in a variety of national newspapers including the Guardian, Daily Telegraph and Times, as well as numerous specialist business, policy and consumer publications.

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