Shafik to swap BoE for LSE

Added 12th September 2016

Deputy governor for markets and banking at the Bank of England, Minouche Shafik, is to leave the bank two years into a five year term for a position as head of the London School of Economics.

Shafik to swap BoE for LSE

Shafik, who will leave the Bank at the end of February 2017, before taking up the role as head of the LSE in September is a member of the BoE’s monetary policy committee, financial policy committee and the board of the prudential regulation authority.

Currently jointly responsible for the Bank's international surveillance, analysis and engagement, she has previously served as deputy managing director of the International Monetary Fund, Permanent Secretary of the Department for International Development, and Vice-President of the World Bank.

Shafik also represents the Bank in international groups and institutions, including as G20 Deputy and in the Bank's engagement with the IMF, overseas central banks and the Bank for International Settlements (BIS), all of which will, undoubtedly go into the thinking about her replacement.

According to BoE, the recruitment process for her successor is the responsibility of the Treasury and the position will be advertised in due course.

Bank of England Governor Mark Carney said that during her tenure, Shafik has helped to drive vital reforms on both the domestic and international stages, highlighting in particular, her work on the Fair and Effective Markets Review which she co-chaired.

“She has overseen a transformation in how we manage our balance sheet and is modernising our high-value payments system. This has been alongside the invaluable insight she brings to all three main policy committees of the Bank and the inspirational leadership she gives to her colleagues. In her work and by her example, she leaves an important legacy,” he said.

Of her new role, Shafik said: “The School’s long tradition of bringing the best of social science research and teaching to bear on the problems of the day is needed now more than ever. LSE is a unique institution that combines intellectual excellence and global reach.”

 I am looking forward to working with both staff and students to guide it through what will be a time of challenge and opportunity in the higher education sector.”

 We wish her the very best for the future.”

Minouche said: “It has been such a privilege to work with colleagues at the Bank of England and to serve alongside fellow members of the MPC, FPC, PRA Board and Court of Directors. I have especially enjoyed connecting the dots and the people across the Bank’s monetary, macroprudential and microprudential policy responsibilities. Together we have stood up to every test, maintaining stability with a modern approach. The Bank is a vital institution full of talented people committed to serving the public good – I will miss them a great deal. While it was impossible to resist the opportunity to lead a world-class university like the LSE, I leave the Bank with a deep appreciation for its work and much admiration of its staff.”

The process for recruiting a successor is the responsibility of HM Treasury and the position will be advertised in due course. Minouche will start her new position at the LSE in September 2017.

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Geoff Candy

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Geoff Candy joined Portfolio Adviser as News Editor in May 2014. He has been a financial journalist and broadcaster since 2005 and, in that time has worked in both South Africa and the Netherlands, covering everything from high street retailers and construction companies to mining and insurance.



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