InTheNews.co.uk
Breaking News:
Your source for news

Money Story

 30 August 2008 16:39 BST

Bank of England deputy director quits

Monday, 19 May 2008 13:19

Free brochures 

Deputy Bank of England director Rachel Lomax has quit after five years in the role, leaving the government hunting for a replacement during turbulent economic times.

Ms Lomax, one of two deputies at the central bank, told the Treasury on Friday that she would not be staying after her five-year term is up next month.

However, press reports said the announcement has caused a row between the Bank and the Treasury as the Bank has apparently known for a year of Ms Lomax's imminent departure.

Treasury officials were said to be keen to retain 62-year-old Ms Lomax, who has experience during other difficult economic periods in Britain.

Ms Lomax is on the bank's monetary policy committee, which sets the interest rate every month. The committee is currently under pressure to reduce inflation while propping up the slowing economy.

Known as a centrist, who generally votes with governor Mervyn King, finding a replacement that will keep the balance between the 'hawks' and 'doves' who sit on the committee will be difficult, reports have suggested.

Ms Lomax is understood to have told the Treasury that she wished to leave to pursue other interests.

The appointment of a deputy director is a crown appointment, made by the prime minister. Mr Brown will seek advice from the Bank of England governor, Mervyn King and the chancellor, Alistair Darling, before choosing the new deputy governor.End of story


More money news... 

Also In The News 

© 2004- 2008 www.inthenews.co.uk. Advertise | Privacy | Terms of Use