Chancellor appoints Sir David Ramsden to Bank of England deputy role

Key economic adviser, known for helping keep UK out of euro, replaces Charlotte Hogg and will have seat on MPC

Philip Hammond has filled the vacancy on the Bank of England's interest rate setting committee left by the departure of Charlotte Hogg, following the appointment of Sir David Ramsden as the central bank's new deputy governor.

The chancellor said Sir David, who is the Treasury's chief economic adviser, would take up the role as deputy governor of markets and banking, making him Threadneedle Street's eyes and ears on the banking sector while also giving him a position on the nine-strong monetary policy committee (MPC).