The Bank of England has appointed senior insider Nathanael Benjamin to the post of Executive Director for Financial Stability, a position vacated by Sarah Breeden. Benjamin will serve on the Financial Policy Committee.

Breeden was promoted to be Deputy Governor and Benjamin, who has presided over surpervision of international banks in the UK since 2021 and was previously interim Executive Director for Finance and Chief Financial Officer, takes over her old post and joins the FPC.

He has spoken publicly about the need for banks to prepare to face new risks in the new macro-economic environment characterized "defined by the end of quantitative easing, higher interest rates, increasing digitalisation and climate change."