UK: Paul Tucker to stand down as deputy governor of the Bank of England

Bank of England deputy governor Paul Tucker

Bank of England deputy governor Paul Tucker - Credit: PA

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.

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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.