On 1st July, Katherine Braddick will become the next deputy governor for prudential regulation at the Bank of England and chief executive of the Prudential Regulation Authority, after incumbent Sam Woods finishes his term at the end of June. Braddick is group head of strategic policy and senior adviser to the CEO at Barclays.

Chancellor of the Exchequer, Rachel Reeves, said: “Katharine 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.

“She understands the City and regulation and will help ensure the UK remains one of the best places in the world to do business.

“I want to thank Sam Woods for his dedicated service and the strength he has brought to the UK’s prudential regime. Katharine will build on that record – keeping standards high while driving a competitive, growth-focused approach to regulation.”

Andrew Bailey, Governor of the Bank of England, added: “Katharine has vast experience both in the public and private sectors and I am confident that she will lead the PRA with great ambition and skill, maintaining strong regulatory foundations to underpin a growing financial sector and a thriving economy.”