BoE lifer Tucker to step down

Paul Tucker is leaving his role as deputy governor of the Bank of England fuelling speculation that Mark Carney is planning a huge shake-up of personnel once he takes office as governor.

BoE lifer Tucker to step down


There is no official leaving date as yet, and he is likely to stay on until the autumn in order to assist Carney in his first few months.

Tucker has been at the bank for 30 years, during which time he has worked across various departments including monetary policy, financial stability and markets. He was appointed deputy governor for financial stability in 2009.

He will spend the immediate period following his departure studying in America.


Outgoing governor Sir Mervyn King, who leaves the bank at the end of June, was outvoted at his final monetary policy committee earlier in the month, during which he called for more stimulus to lift the UK economy.

This was the fifth consecutive month in which he was in the minority against a majority of colleagues who were concerned that inflation remains significantly above the government’s 2% target.

One commentator, from Charles Stanley, said “That Sir Mervyn found himself on the receiving end of this vote is unlikely to cause him too much displeasure. After 22 years at the Bank Sir Mervyn can rightfully take his place amongst the comparatively small group of those who can be said to have exerted considerable positive influence on post-WW2 UK economic policy.

“Sir Mervyn may not have enjoyed the perfect tenure but his ruthless commitment to academic rigour and objectivity has played a large part in putting the Bank where it is.”




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