Sir Jon Cunliffe has been appointed as the deputy governor of the Bank of England and will start his tenure on 1 November.
He will be responsible for the financial stability of the institution and will therefore play a large role in the UK's financial sector.
The bank appears to have made to appointment based on Sir Jon's track record with the European markets.
Governor Mark Carney said he "brings an important European and international perspective", while UK chancellor George Osborne added that his "deep experience in engaging with the European Union" would be an asset to the country.
Sir Jon has been the UK's permanent representative to the European Union since January 2012 where he mainly dealt with policy issues.
"The bank is of critical importance to the UK's prosperity and stability. It is both an honour and an exciting challenge to be joining the bank," he said.
He has been appointed on a five-year contract, which can be renewed for a further five years.
By Gary Cooper