The British government has appointed Katharine Braddick, a former regulator and current Barclays executive, as the Bank of England’s (BoE) next deputy governor for prudential regulation. The move is aimed at boosting the UK’s sluggish economic growth. Braddick will assume the role on July 1, succeeding Sam Woods, for a five-year term. Barclays is a British universal bank, providing a broad range of financial services including retail banking, investment banking, and wealth management. The Bank of England is the central bank of the United Kingdom.
Finance Minister Rachel Reeves has previously criticised regulators for hindering business, a concern echoed at the Bank of England. Reeves stated that Braddick’s experience would help maintain the UK’s position as a leading global business hub, saying that Braddick is an “accomplished pro-business leader with the experience to keep our financial system safe while backing the investment and lending that drives growth”. Braddick has a background with Britain’s Financial Services Authority and the Bank of England, later joining the finance ministry before her move to Barclays in 2022 as group head of strategic policy.
The City of London Corporation, representing London’s financial district, welcomed Braddick’s appointment. Policy Chairman Chris Hayward emphasised the importance of her expertise amid regulatory reform and global competition. The BoE has addressed potential conflicts of interest by requiring Braddick to cease work for Barclays immediately. Barclays will pay Braddick her deferred bonus, and she will be recused from any supervisory or enforcement decisions related to Barclays for the first six months of her tenure.
David Roberts, chair of the BoE’s supervisory board, clarified that a longer recusal period was impractical given Barclays’ significance in the UK’s financial system. A similar situation occurred in 2017 when a newly appointed deputy governor resigned after criticism for lacking transparency about her brother’s role at Barclays.
