Photographer: Jason Alden/Bloomberg

BOE Builds Brexit Team as Two Senior Directors Shift Roles

  • Saporta becomes executive director for prudential policy
  • Phil Evans moves to become director for financial policy

The Bank of England moved two senior staff members as it builds its team to co-ordinate work relating to Britain’s withdrawal from the European Union.

Victoria Saporta was promoted to Executive Director for Prudential Policy. She will report to Jon Cunliffe, the central bank’s deputy governor for financial stability, and Sam Woods, deputy governor for prudential regulation and chief executive officer of banking supervisor the Prudential Regulation Authority.

Phil Evans, formerly Director for International, becomes Director for Financial Policy in the Prudential Policy Directorate and will report to Saporta. His previous job has been advertised internally and externally, a BOE spokesman said.

With Brexit likely to have an impact on London’s financial industry, potentially threatening banks’ ability to do business across the EU, the appointments show how the central bank is planning to play a part helping the U.K. Treasury in what may be intense and lengthy negotiations. 

BOE policy makers have already become embroiled in the public debate surrounding Brexit. They undertook contingency planning and offered extra liquidity in the run-up to the June referendum, and Governor Mark Carney was accused by the pro-Brexit camp of making the central bank too political after warning an exit could spark a recession. After the vote to leave, the BOE cut rates and unleashed a new stimulus package.

Prior to her current role, Saporta worked in the financial stability area of the BOE establishing a framework for macroprudential policy and influencing the international banking regulatory framework.

The central bank already has an EU veteran among its senior ranks. Cunliffe, Saporta’s boss, was previously the U.K.’s Permanent Representative to the EU and an adviser to the government on Europe issues.

The announcement of the changes comes two days after BOE Deputy Governor Minouche Shafik announced she was leaving the bank to join the London School of Economics. The Treasury plans to shortly advertise that role.

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