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Kristen Forbes is leaving the Bank of England’s Monetary Policy Committee after she completes her three-year term at the end of June.

Ms Forbes, a US academic and external MPC member, will not be renewing her stay on the nine-member rate setting committee, it was announced today. Ms Forbes, who has emerged as one of the more hawkish members of the MPC, will be returning to the Massachusetts Institute of Technology.

Commenting on her decision, Mark Carney, governor, said:

I would like to thank Kristin for her contributions on the MPC. She has brought insight, fresh thinking and academic rigour to our deliberations, as well as a fresh and engaging approach to communications.

On behalf of colleagues at the Bank, I would like to wish her well as she returns to pursue her academic career at MIT on a full time basis.

The BoE also announced that Charlotte Hogg will be taking up the position of deputy governor at the central bank following the departure of Minouche Shafik this month.

The departures mean Ms Hogg, formerly the BoE’s first chief operating officer, will be the only woman on the rate-setting committee when she takes up her position in March.

Chancellor Philip Hammond said:

I’m delighted to appoint Charlotte Hogg as the next Deputy Governor for Markets and Banking. I’m confident that her exceptional leadership skills and wide-ranging experience make her the right person to take on the position.

Charlotte has done an excellent job as the Bank’s first Chief Operating Officer. She will take over this new role at a key time for the City.

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