Philip Hammond has recruited Karen Ward, chief European economist at HSBC, as his key economic adviser, Sky News has learned.
Ms Ward, a former Bank of England economist, has been appointed as Special Economic Adviser to the Chancellor – adding economic ballast to Mr Hammond’s team, most of whom came over from the Foreign Office.
The role is one of the most influential and highly regarded in Whitehall.
Previous economic advisers – including Ed Balls and Rupert Harrison – were seen as the authors of many of the key reforms of recent UK political history.
It comes at a crucial time for the UK economy, which Mr Hammond has repeatedly warned is likely to face continued turbulence as the Brexit negotiations proceed in the coming years.
With the Autumn Statement approaching next month, Mr Hammond is widely expected to loosen his purse strings and spend on infrastructure and investment projects to boost growth.
Ms Ward, who is due to start this coming week, will be a key figure helping him map out such plans.
She is highly regarded in the City, having previously served as UK economist and senior global economist at HSBC.
The appointment makes Ms Ward the fifth member of the Chancellor’s political team, alongside Graham Hook, Hayden Allan, Duncan McCourt and Poppy Trowbridge, previously a Sky News correspondent.
The Chancellor has not ruled out recruiting another special adviser, but is reluctant to swell his team to the size of George Osborne’s.
His predecessor’s staff numbered ten at one stage, and included highly-regarded figures such as former BBC producer Thea Rogers and Economist economics editor Richard Davies.
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