The deputy governor of the Bank of England (BoE), Paul Tucker, is to step down from his position. The news comes as the long-standing governor of the UK central bank, Sir Mervyn King, prepares to stand down at the end of June after 33 years at the BoE, to be replaced by the ex-head of the Canadian central bank, Mark Carney.
Carney, who as head of the Bank of Canada has overseen a buoyant Canadian economy that has survived and indeed proposed since the financial crisis of 2008 helped by the commodities boom, is expected to try to bring some new growth measures to kick-start the UK economy. Domestic treasurers in the UK and the financial markets are keenly awaiting Carney’s arrival to see if he will add unconventional growth stimulus measures to his predecessor’s low interest rates and loose monetary policy at the BoE.
For the departing deputy Paul Tucker, it was always expected that he would move on once his failed to be appointed as Mervyn King’s successor.
It is not known yet exactly when Mr Tucker will depart, but it is thought he will initially stay on to support Mr Carney and perhaps leave sometime in the Autumn. He was initially one of the strong candidates to succeed King when the bank was searching for his replacement last year but the fact he was passed over has led to his announcement over the weekend.
“It has been an extraordinary honour to serve at the Bank of England over the past thirty years,” said Tucker in his statement.
It is expected that he will go on to spend some time in academia in the US once he has left the central bank. The UK Treasury said it had not started to look for a replacement but would be doing so in due course.
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