Brown announces Gieve as new BoE deputy replacing Large |
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Published
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Wed, 19 Oct 2005 09:05
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LONDON: Chancellor Gordon Brown yesterday appointed Sir John Gieve as the new deputy governor for the Bank of England replacing Sir Andrew Large who will step down in January.
The hawks-doves balance on the BoE’s Monetary Policy Committee (MPC) could change with Sir Andrew’s exit as he is known to be a consistent opponent of the cut in borrowing cost. The former chairman of the Securities and Investment Board (now FSA) has voted against a rate cut nine months in a row, arguing in favour of a higher or unchanged interest rate. His consistent hawkish stance was in line with his briefing - to ensure financial stability.
He confirmed his decision to leave the BoE at the start of next year, 18 months ahead of his full 5-year term. In his resignation letter to the chancellor, he said he wanted to return to the private sector and pointed out that he had always maintained that he might not wish to complete his full term. His three tasks are expected to be at an advanced stage by the year end which, Sir Andrew felt, would be the right time to hand over the reins to a successor.
His successor Sir John, another former Treasury mandarin, is the permanent secretary at the Home Office since 2001. Before that Sir John worked at the Treasury since 1979, as the managing director. He was placed in charge of the first two spending reviews initiated by the chancellor. The only failure of his illustrious career was when he failed to get appointed head of the civil service. The job went to then permanent secretary at the Treasury Gus O’Donnell. He was knighted in December 2004.
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Rate cut expected, demanded in the week ahead 