“Mr Hauser joined the Bank of England in 1992 and is currently the Executive Director of the Markets Directorate, a role he has held since 2018.

“His responsibilities include the design and execution of the Bank’s balance sheet operations, managing the UK’s official foreign exchange reserves, and providing market intelligence and analytical advice to the monetary and macro-prudential policy committees.

“Previously, he has held senior roles across most of the Bank of England’s other major functions, including its international economic analysis and its intelligence-gathering regional agencies. He has also served as a member of the Executive Board of the International Monetary Fund in Washington DC.

“Mr Hauser holds a Master of Economics from the London School of Economics and a first degree from Oxford University.

“His appointment comes after a thorough, methodical and considered selection process, in consultation with Governor Bullock, which led to the Cabinet endorsing the Treasurer’s recommendation today.

“Mr Hauser comes highly recommended for the position of Deputy Governor of the Reserve Bank, and his appointment will help ensure we have the most effective central bank to meet our current and future economic challenges.”