Tucker quits as Bank of England deputy governor

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The Bank of England’s deputy governor, Paul Tucker, is to step down later this year, ending a 33-year career with the central bank.

Tucker, who said he planned to spend time in academia in the US following his departure, is expected to leave in the autumn after lending support to incoming governor Mark Carney, who succeeds Sir Mervyn King next month.

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.”

Tucker, who joined the Bank in 1980, was appointed as deputy governor for financial stability in 2009 and had been seen as a front-runner to replace King at the helm. His five-year term was due to end in February 2014, but Chancellor George Osborne has agreed to let him leave early.

In his letter confirming the departure, Osborne told Tucker that he had made a “tremendous contribution to UK monetary and financial policy”.

The Chancellor added: “I have no doubt that you will continue to make a towering contribution to the international economic community.”

The decision on Tucker’s successor will be taken by the UK government, as the position is a crown appointment.

Canadian central banker Carney, who becomes Bank of England governor on 1 July, said: “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.”