The Bank of England (BoE) has appointed a "Brexit coordinator" whose responsibilities will include trying to ensure the UK's huge financial sector isn't too unduly affected by leaving the European Union following the vote to leave the bloc on 23 June, 2016.
Phil Evans, who previously worked as the BoE's international director, has now been appointed director for financial policy within the Prudential Policy Directorate. According to Evans' LinkedIn page. he has also worked for the European Commission on secondment.
He was also one of the bank's top officials who received the report on the potential impact if the UK left the EU in 2015, which was leaked to a newspaper, reports Reuters.
In his new role Evans will report to Victoria Saporta, who according to Bloomberg has been promoted to Executive Director for Prudential Policy. She will report to deputy governor for financial stability Jon Cunliffe and deputy governor for prudential regulation Sam Woods. New Zealander Woods is also chief executive officer of banking supervisor the Prudential Regulation Authority.
BoE governor Mark Carney has admitted the economy has fared better than expected in the early days following Brexit. Prior to the EU referendum he had warned Brexit would be a disaster for the economy. He credits the swift actions of the BoE for averting an economic crisis, which included cutting interest rates to 0.25%, stimulating house-building and the economy.
On Thursday (15 September) Carney will, along with other BoE figures, set interest rates, widely predicted to remain at 0.25 per cent.
However the banking community remains nervous about the longer term impact of Brexit, which could affect how the UK does business with other countries in the EU. The sector accounts for around 10% of the UK's total economic output so Evans has an essential role in what will almost certainly turn out to be the long and protracted negotiations ahead.