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Bank Of England MPC member questions bank bailout

Paul Tucker is soon to become deputy governor of the Bank of England although today he stepped out of line slightly by suggesting that the latest government bank bailout was not guaranteed to succeed. While many of his comments are commonsense, including the fact that the slump in share prices has already put the rescue package in danger, they are unlikely to go down very well at the Treasury and in the government. So what can we expect of Paul Tucker?

While Tucker has yet to take on the role of Deputy Gov of the Bank of England it seems as though Paul Tucker is a man who shoots from the hip and tells people how it is. Perhaps it is this refreshing approach to a difficult and complex situation which has caught the attention of market observers around the UK. While Tucker has not dismissed the rescue package out of hand, he believes there is only a "reasonable chance" of success.

He has also raised the prospect of similar bailouts in other markets around the world as a vital support for the UK rescue package. As Gordon Brown has mentioned on a number of occasions neither the UK authorities nor the US government by themselves can rescue their own economy and it will take worldwide co-operation from a number of governments around the world.

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