It was announced on Thursday that Royal Approval has been received for the appointment of Charles Bean as a Deputy Governor of the Bank of England for Monetary Stability, for a period of five years starting on 1st July 2008.
Alongside this, Chancellor Alistair Darling has announced that, in future, the Government will advertise vacancies for the Governor and Deputy Governors of the Bank of England and also for external members of the MPC, consistent with the principles of open competition.
Having consulted with the Governor and Sir John Gieve, the Chancellor on Thursday additionally set out proposals to enhance the role of the Bank of England in preserving financial stability.
These proposals will be included in the Banking Reform bill, to be introduced later this year.
The Chancellor's proposals focus on:
The new legislation will change the role of the Bank and, within that, the role of the Deputy Governor for financial stability, from Spring 2009.
Taking this forward will require a long-term commitment. Sir John Gieve has indicated that he would not wish to serve a new 5-year term at the Bank, and has decided therefore to step down once the legislation comes into force.
The Governor and Chancellor have asked Sir John to continue in the job of leading this reform process until then, at which point the position will be advertised under the new process.
Further details are set out in the Chancellor´s letter to the Treasury Select Committee.
Mr Darling commented:
"I am delighted to announce the appointment of Charlie Bean as Deputy Governor for Monetary Stability at the Bank of England. He is a world-class economist with a great depth of experience in both academia and policy making environments. Appointing an economist of Charlie's calibre is particularly important amidst the significant global economic challenges the UK economy is presently facing."
He continued: "I would also like to take this opportunity to thank Rachel Lomax for the contribution she has made to the public sector throughout her distinguished career, including as Permanent Secretary to a number of Government departments and as Deputy Governor."
"The wider reforms that I am announcing today will ensure that the Bank of England will in future have a much enhanced role in the preservation of financial stability."
"Sir John Gieve has made a huge contribution to public service over many years both in the civil service and at the Bank. I am extremely grateful to him for leading the Bank's work to develop these proposals for reform and for all his work in the demanding circumstances of the last year."
Mervyn King added:
"I am delighted that the Treasury has asked Charlie Bean to take on this vital role overseeing our monetary policy work. I am extremely grateful to Rachel Lomax for her contribution to the MPC, her tireless devotion to the work of the Bank and her personal support and wise counsel over the past five years."
"I am also very grateful to John Gieve for his hard work and loyalty. In particular since the events of last summer, John has played a major role in delivering the new framework, and I am pleased he is staying until the Bill is law. I wish them both well in future."
Charlie Bean concluded:
"As the Deputy Governor responsible for overseeing the Bank's monetary policy work, I am committed to ensuring that the MPC is properly equipped to steer the economy through the challenging times ahead."
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment