Tucker Dodges Questions on Future at BOE as Carney Wins Top Job

Bank of England Deputy Governor Paul Tucker declined to say if he will serve the remaining 15 months of his term after he was passed over for the top job at the central bank this week.

Questioned by reporters in London today about his future after Bank of Canada Governor Mark Carney was named on Nov. 26 as Mervyn King’s successor, Tucker responded: “I’m the deputy governor for financial stability. There’s a job of work to be done. I’m doing it.”

Tucker, a three-decade veteran of the Bank of England, had been the favorite at bookmakers to become governor when King retires in June. He was the only known internal candidate. King said on Nov. 26 that Tucker has “much more to contribute,” while Chancellor of the Exchequer George Osborne said he hoped he would stay on in the job.

Tucker became deputy governor in 2009 and his five-year term ends in February 2014. Asked later at the press conference if he would serve his full term, he said: “I’m the deputy governor for financial stability, I’m doing that job.” When the question was repeated, Tucker didn’t respond.

“All the people around me here can stay at the bank as long as they like, except for me,” King said, when a similar question was put to Andrew Haldane, the central bank’s executive director for financial stability. “First of July next year, I will have left and you’ll be left with this fantastic team of people here.”

Tucker congratulated Carney on his appointment in a statement on Nov. 26. Today’s press conference for the publication of the BOE’s Financial Stability Review marked the first opportunity to question him on the matter.

To contact the reporter on this story: Fergal O’Brien in London at fobrien@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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