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Share Price: 50.34
Bid: 50.32
Ask: 50.36
Change: -0.66 (-1.29%)
Spread: 0.04 (0.079%)
Open: 50.70
High: 50.82
Low: 50.20
Prev. Close: 51.00
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BoE Tucker's resignation may lead to 'more activist' MPC

Fri, 14th Jun 2013 17:47

Paul Tucker has resigned as Deputy Governor of the Bank of England, leading to suggestions the Bank's Monetary Policy Committee (MPC) could move in favour of a more activist monetary policy. Tucker, who joined the Bank of England in 1989 as Principal Private Secretary to Governor Leigh-Pemberton, worked his way up to Deputy Governor in March 2009. He served on the MPC from June 2002. But having been narrowly beaten, it is reported, in the race to be Governor in favour of the Bank of Canada's Mark Carney, he has decided to throw in the towel. As Tucker has voted against QE expansions in recent meetings, Barclays believes the departure may lead to a change in the UK's monetary policy outlook. Analyst Simon Hayes notes: "The deputy governorship is a Crown appointment, and is therefore in the hands of the government, and in choosing Mark Carney as the next Bank of England governor, Chancellor Osborne revealed a preference for 'monetary activists'. "It is therefore quite possible that Mr Tucker's replacement will be more inclined to support a monetary expansion."Having made that observation, Hayes acknowledged that MPC member Ian McCafferty had stressed the MPC's serious reservations about the wisdom of more QE at this time and how if the economic outlook continues to brighten, the MPC seems likely to conclude that no more support is needed."Moreover, arguably the biggest challenge facing the BoE over the next few years is to ensure that monetary policy and macro-prudential policy are appropriately configured and joined up. "The new deputy governor will be pivotal in this process, and the ability to take the fledgling Financial Policy Committee forward and to engineer an effective link-up with the MPC is probably a more important selection criterion than their view on the current monetary stance," added Hayes.Tucker has said he plans to spend a period of time in academia in the United States once he has left the Bank.However, rumours in the City point to the upcoming vacancies of the chair at Lloyds and Royal Bank of Scotland, with Sir Win Bischoff due to retire in May 2014 and RBS chief executive Stephen Hester penciled in to be staying on until the end of this year.OH
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17 Apr 2024 14:00

UK earnings, trading statements calendar - next 7 days

Thursday 18 April 
AJ Bell PLCTrading Statement
BHP Group LtdTrading Statement
Devolver Digital IncFull Year Results
Dunelm Group PLCTrading Statement
easyJet PLCTrading Statement
Foxtons Group PLCTrading Statement
HydrogenOne Capital Growth PLCFull Year Results
Keystone Law Group PLCFull Year Results
LBG Media PLCFull Year Results
Pod Point Group Holdings PLCFull Year Results
Rentokil Initial PLCTrading Statement
Segro PLCTrading Statement
Friday 19 April 
888 Holdings PLCTrading Statement
Man Group PLCTrading Statement
Monday 22 April 
Brave Bison Group PLCFull Year Results
Elixirr International PLCFull Year Results
Frenkel Topping Group PLCFull Year Results
South32 LtdQ3 Results
Ten Lifestyle Group PLCHalf Year Results
Tuesday 23 April 
Alliance Pharma PLCFull Year Results
Alphawave IP Group PLCFull Year Results
Anglo American PLCTrading Statement
ASA International Group PLCFull Year Results
Associated British Foods PLCHalf Year Results
Eleco PLCFull Year Results
GB Group PLCTrading Statement
Jupiter Fund Management PLCTrading Statement
Maintel Holdings PLCFull Year Results
Property Franchise Group PLCFull Year Results
Taylor Wimpey PLCTrading Statement
tinyBuild IncFull Year Results
Trellus Health PLCFull Year Results
Wednesday 24 April 
1Spatial PLCFull Year Results
abrdn PLCTrading Statement
Ecora Resources PLCTrading Statement
Fresnillo PLCTrading Statement
Lloyds Banking Group PLCQ1 Results
Nichols PLCTrading Statement
PensionBee Group PLCFirst Quarter Results
PZ Cussons PLCTrading Statement
Reckitt Benckiser Group PLCTrading Statement
Sanderson Design Group PLCFull Year Results
Serica Energy PLCFull Year Results
Star Energy Group PLCFull Year Results
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Tracsis PLCHalf Year Results
Warpaint London PLCFull Year Results
  
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