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Bank of England top official to step down

London, June 15, 2013

Bank of England (BoE) deputy governor Paul Tucker, beaten to the central bank's top job by Mark Carney, will stand down later this year, giving the Canadian an early chance to help reshape the BoE's upper echelons.

Tucker, part of the majority of BoE policymakers that opposes further bond buying, had been expected to leave ever since Carney, the former head of Canada's central bank, was named in November as the surprise choice for governor.

Carney will replace Mervyn King, who retires from the BoE at the end of this month.

But the timing of the announcement took some by surprise - Tucker's term was due to end next February - and might be a sign that other top policymakers will bring forward their departures, said Tom Vosa, an economist at National Australia Bank.

"The interesting bit will be whether the replacement is an internal or external candidate, which will probably give you some clues as to how Carney expects to position the bank under his governorship."

Carney will head up a central bank that now has much greater powers, and he is widely expected to start giving markets guidance on monetary policy soon after he takes over.-Reuters




Tags: Bank of England |

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