The Bank of England has appointed a new deputy governor of markets and banking, a key post left vacant after its first pick was unexpectedly forced to resign over potential conflicts of interest.

The central bank said that Sir David Ramsden, a chief economic adviser to the UK Treasury and its board, will begin the five-year term on September 4. Ramsden joined the Treasury in 1988 and previously led its work on whether the UK should join the euro.