Bank of England deputy to step down

Paul Tucker is expected to quit his post as deputy governor of the Bank of England in the autumn
14 June 2013

Bank of England deputy governor Paul Tucker is to step down later this year, ending a 33-year career with the central bank.

He is expected to leave in the autumn after lending support to incoming governor Mark Carney, who will succeed Sir Mervyn King on July 1.

Mr Tucker said he planned to spend time in academia in the United States following his departure.

Mr Tucker has faced speculation over his role at the Bank after he lost out to Mr Carney in the race to take over from Sir Mervyn.

He said: "It has been an extraordinary honour to serve at the Bank of England over the past 30 years.

"I am very proud that, through the Bank and the wider central banking community, I have been able to make a contribution to monetary and financial stability. I will continue to do so in the coming months."

In an exchange of letters over his decision to leave, Chancellor George Osborne praised Mr Tucker for the "tremendous contribution" he has made to UK monetary and financial policy.

He added Mr Tucker had helped shape changes being made to the financial system across the world in the wake of the banking crisis.

He wrote: "Your intellectual capacity and independence have proved invaluable in building solutions to the greatest financial challenges we have faced in generations."

Mr Tucker was appointed deputy governor for financial stability in 2009 and he is a member of the recently created watchdog, the Financial Policy Committee, as well as on the board of the Prudential Regulation Authority.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in

MORE ABOUT