Tag: Paul Tucker

Chris Giles BoE governor race is on

April 18, 2012 3:42 pm by Chris Giles
Mervyn King, Governor of the Bank of England

Mervyn King, Governor of the Bank of England

There is still more than 14 months to go before Sir Mervyn King leaves the Bank of England, but he is already in danger of appearing a lame duck as the race to succeed begins in earnest.

Today the FT reported that Mark Carney, the governor of the Bank of Canada, has been approached in relation to the job by a member of the Bank’s court, its governing body, having spoken to three people involved in the process. Mr Carney declined to comment. The Bank of Canada said the report was not accurate.

The FT also reported that the Treasury wants Charlie Bean, deputy governor for monetary policy, to remain in post after his term expires in June 2013 to provide some continuity as the top echelons of the Bank are rearranged. No one has denied this part of the story and Mr Bean has told colleagues he is willing to accept any offer to stay on for an interim period. So where do these events put the runners, the riders and those subtly touting themselves for the job.

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Posted in Bank of England |

Chris Giles Monetary policy and redistribution

March 1, 2012 2:35 pm by Chris Giles

For almost the entire time the Bank of England has enjoyed operational control of monetary policy, the redistributive effects of monetary policy have rarely hit the headlines.

The public appeared to accept that interest rate rises hit borrowers and benefited savers and vice versa. The vast majority of the commentary related to the analysis of whether any monetary policy change was warranted by the prospects for inflation. This, in Britain at least, was the way the Bank of England liked it.

Unelected officials feel very uncomfortable about being seen to favour one group of society over another. Redistribution, after all, is properly something for elected politicians, since it involves using the power of the state to take money from some to give it to others.

It is noteworthy, therefore, both that the distributional effects of quantitative easing are now being raised vocally by strong lobby groups and that the Bank is feeling peeved, rightly so. 

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Posted in Bank of England |

Claire Jones The week ahead in central banking

January 27, 2012 4:30 pm by Claire Jones

Our week ahead email helps you track the most important events in central banking. To see all of our emails and alerts visit www.ft.com/nbe

Bernanke testimony

Fed chairman Ben Bernanke is due to speak on the economic outlook and federal budget situation on Thursday. He’s up in front of the House Committee on the Budget at 10.00 local time (15.00 GMT) on Thursday.

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Posted in Bank of England, European Central Bank, Federal Reserve |

Claire Jones Tucker casts doubt on more QE

November 22, 2011 5:52 pm by Claire Jones

When the Bank of England’s latest fan charts showed inflation falling way below the 2 per cent target, analysts were quick to conclude that the MPC, or at least De La Rue, “was already greasing the wheels of the money printing presses” in expectation of more QE.

The Bank’s central forecast shows inflation falling to 1.3 per cent by the end of 2013, which would suggest that further asset purchases are indeed on the way.

But, if the views of Paul Tucker, deputy governor for financial stability, chime with those of his fellow MPC members, then more QE may not necessarily be a dead cert. Or at least that the scale of the additional easing may be far smaller than analysts expect.

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Posted in Bank of England |

Claire Jones Mr Bean goes to Washington – but not Sir Mervyn

September 20, 2011 4:52 pm by Claire Jones

Sir Mervyn King is not known for his fondness for international travel, preferring to send one of his two deputies – Charlie Bean and Paul Tucker – whenever possible.

The governor, however, has traditionally made an exception for the IMF/ World Bank autumn meetings.

But, what with all the committees he is now to chair, it appears Sir Mervyn can no longer even find the time for this. The governor will not travel to Washington, though Mr Bean and Mr Tucker will both be there.

Is this a case of the governor being so busy that he can no longer find the time to attend the year’s most important gathering of financial officials? Or does Sir Mervyn view the global economic debate as so dismal that there is little point in him meeting up with his peers to try to find a solution?

 

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Posted in Bank of England |

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Chris Giles Chris Giles has been the economics editor of the Financial Times since 2004. Based in London, he writes about international economic trends and the British economy. Before reporting economics for the Financial Times, he wrote editorials for the paper, reported for the BBC, worked as a regulator of the broadcasting industry and undertook research for the Institute for Fiscal Studies. RSS

Ralph Atkins, Frankfurt bureau chief, has been writing about European economics and politics for the Financial Times for more than 20 years following an economics degree from Cambridge. He has been watching the European Central Bank and eurozone economies since 2004. He has previously worked in London, Bonn, Berlin, Jerusalem and Brussels. RSS

Robin Harding is the FT's US economics editor, based in Washington. Prior to this, he was based in Tokyo, covering the Bank of Japan and Japan's technology sector, and in London as an economics leader writer. Robin studied economics at Cambridge and has a masters in economics from Hitotsubashi University, where he was a Monbusho scholar. Before joining the FT, Robin worked in asset management and banking. RSS

Claire Jones is Money Supply economics team writer, based in London. Before joining the Financial Times, she was the editor of the Central Banking journal and CentralBanking.com. Claire studied philosophy and economics at the London School of Economics. RSS

James Politi is US economics and trade correspondent for the Financial Times, based in Washington DC. He joined the Washington bureau in January 2008 following four and a half years as US deals correspondent covering M&A and private equity. James Politi joined the FT in London in 2000 with an MSc at the London School of Economics, and undergraduate degrees from Georgetown University and the University of Florence. RSS

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