Everyone knows that the two prime candidates to replace Mervyn King as Bank of England governor are Adair Turner, chairman of the soon-to-be-defunct Financial Services Authority, and Paul Tucker, deputy governor of the Bank. So this evening’s lecture by Mr Turner at Clare College Cambridge, with a response from Mr Tucker, was a mouth-watering prospect. It required a trip to the University.

Bank wags dubbed it a Sumo showdown.

The title: Creating a stable financial system: is the reform programme sufficiently radical?
The venue: Clare College, Cambridge (packed)
The outcome: a fascinating draw if that is possible in Sumo. Victory seemed to be going Turner’s way because Tucker didn’t show up until Turner had nearly finished, but this was a traffic related delay rather than the deputy governor shrinking from the fight.

Actually, there were very few outright blows landed Read more

A minor milestone occurs today. Paul Tucker, deputy governor for financial stability, is starting his 100th Monetary Policy Committee meeting. As someone who is regularly touted as a future Bank governor — and he must be in the frame for the job when it becomes vacant in 2013 — it is worth briefly looking at his voting record.

Thanks to research by Capital Economics based on the voting record, Tucker is mildly activist, mildly hawkish and mildly maverick. Since interest rates were 4 per cent when he joined the committee in March 2002 and they are 0.5 per cent now, it is not surprising that his average vote is to cut rates by 0.023 percentage points. Read more