Paul Tucker to leave Bank of England

The Bank of England has announced the departure of MPC member and deputy governor Paul Tucker, who will be leaving sometime this Autumn. He will continue to be an active member of the G20's Financial Stability Board until he leaves the bank. He plans to spend a period of time in academia in the United States.

Paul said:

It has been an extraordinary honour to serve at the Bank of England over the past thirty 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.

Outgoing governor Sir Mervyn King said:

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 said:

It has been an enormous privilege to work closely with Paul at the FSB over the past several years. 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.