Osborne Said to Announce New BOE Deputy Governor Tomorrow

Chancellor of the Exchequer George Osborne will name Charlie Bean’s replacement as Bank of England deputy governor for monetary policy tomorrow, according to a person with knowledge of the matter.

Bean is scheduled to retire on June 30 after extending his retirement by one year to help ease the transition to a new governor after Mark Carney took over last year. Potential internal candidates include BOE Chief Economist Spencer Dale, Markets Director Paul Fisher and Monetary Policy Committee member Ben Broadbent. External candidates include London Business School professor Lucrezia Reichlin.

The announcement by Osborne comes on the eve of his budget and coincides with Carney’s latest step in his revamp of the BOE. In a speech in London tomorrow, the governor may reveal his long-term strategic plan for the central bank after a review by consultants McKinsey & Co.

Dale is the 6/4 favorite for the post, according to odds offered by bookmaker Paddy Power Plc, meaning a 4-pound ($6.66) winning wager would yield a 6-pound profit. BOE Chief Operating Officer Charlotte Hogg is 5/1, Reichlin is 8/1 and Broadbent is 10/1.

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