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Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
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Sunday 18th May 2008
As the Treasury and the Bank of England stumble from one difficult situation to the next, they will need to find a Deputy Governor as quickly as possible to take the place of Rachel Lomax. Despite a concerted effort to persuade Miss Lomax to take on the role for a second 5 year stint, she has remained true to her word that she would leave after her initial period was up and parts company in just 6 weeks time.
Often seen as one of the so-called “doves” at the Bank of England, Miss Lomas was known to be a fan of further interest rate reductions something that the Governor Mervyn King recently suggested was not possible in the short term. It is unknown at this stage whether it was the conflicting views of the pair which led to her departure or it really was just time to move on.
The appointment of the next Deputy will be something of a political ‘hot potato’ with the government affectively giving up any influence or control when they gave the Bank independence a few years ago. They will be keen to see someone with a softer line installed, but they will also be conscious that they cannot be seen to “shoe horn” their own candidate into the position. |
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