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Bank Of England Deputy Unexpectedly Stands Down

While there has been rumours that the Treasury were looking to take more of a hands on approach to affairs at the Bank of England it seems as though one of the two Bank of England deputy governors, Sir John Gieve, may be the first casualty. Rachel Lomax, the other deputy governor, announced her plans to move on some time ago, but Sir John has stepped down unexpectedly.

Charles Bean, who currently works at the Bank, is expected to be installed as Rachel Lomax’s replacement but there is no news on who will replace Sir John. More and more signs are emerging that this may be a Treasury instigated move with Sir John being ripped to shreds last year in the face of the Northern Rock saga. However, those will long memories will remember that he was actually shoe horned into the Bank, under duress, when Gordon Brown was Chancellor of the Exchequer.

It seems as though the government we happy to allow the Bank of England full independence when they agreed with Labour policies, but now there is some debate it seems as though Gordon Brown wants to take back creeping control.

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