Deputy governor Paul Tucker to leave Bank of England

Paul Tucker MPC 480

Bank of England deputy governor Paul Tucker is cutting short his five-year term to leave the organisation after missing out on the top job to Canadian central banker Mark Carney.

Tucker is set to leave in the autumn after Carney, who starts on 1 July, has settled into his new role when is expected to move to the United States and work in academia.

He was odds on favourite to take over from governor Sir Mervyn King in July but chancellor George Osborne made Bank of Canada governor Carney his shock choice last November.

Tucker was appointed deputy governor for financial stability in 2009 for a five-year term ending in February 2014.

He joined the Bank of England in 1980 straight from Cambridge University. He has worked on monetary policy, financial stability, markets, payment and settlement system infrastructure, and banking supervision.

He is a member of the monetary policy committee, financial policy committee and the Bank’s court of directors. He also chairs the international financial stability board and works with the G20 financial stability steering group.

Tucker says: “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. I am looking forward to supporting Mark Carney as he arrives at the Bank.”

King says: “I have been privileged to have had Paul Tucker as a close colleague and deputy during my time at the Bank and as governor. Paul’s contribution to the Bank, to monetary policy, and more generally to public policy, both in the UK and in the world as a whole has been enormous.

“Paul has more to contribute in the future and I am very pleased that he will support my successor, Mark Carney, as he settles into the Bank.”

Incoming governor Mark Carney says: “Paul has contributed immeasurably to a series of critical financial reforms, including policies to end Too-Big-to-Fail and to build more resilient derivative and funding markets.

“I wish Paul every success in the next phase of his career and look forward to maintaining our close dialogue on how to build a more resilient financial system that more effectively serves the needs of the real economy.”