UK to announce new Bank of England governor

Published November 26, 2012

| Reuters

Britain's government is expected to announce the next governor of the Bank of England at around 1030 EDT on Monday, in an earlier-than-expected move that will end months of intense speculation over who will be the central bank's next leader.

Parliament's website showed that a statement on the Bank of England was due after defense questions in the chamber, which start at 0930 EDT and last around an hour.

The incumbent governor, Mervyn King, will retire next July, leaving one of the most powerful jobs in Britain up for grabs at a time when the economy is struggling to achieve solid growth.

Finance minister George Osborne is widely expected to pick Deputy Governor Paul Tucker as the new chief, ignoring calls for a more radical option to shake up the central bank.

Tucker, 54, has spent his career at the BoE, building up a detailed knowledge of both monetary policy and markets. He is believed to be well connected in London's banking community, unlike King, who cuts a more distant figure.

Other figures named as possible successors include Financial Services Authority chairman Adair Turner, and John Vickers, author of a government report on bank reform. But they are seen as less likely to be chosen.

Osborne had been expected by many analysts to announce the decision on December 5, alongside his Autumn Statement on Britain's fiscal and economic outlook.

(Reporting by Matt Falloon and David Milliken; Writing by Maria Golovnina)

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