Osborne to name new bank chief
on 26/11/2012 13:33:02
The office of Speaker John Bercow confirmed that Mr Osborne will make a statement to MPs on the Governor at 3.30pm.
Speculation is mounting that Sir Mervyn King will be replaced by his deputy governor Paul Tucker.
Sir Mervyn has just over seven months to run before his second term ends on June 30.
But by naming a successor today, Mr Osborne may be hoping to ensure stability ahead of his autumn statement on December 5.
The job is considered to be one of the most powerful in Britain, with the Bank of England taking on extra responsibilities for banking supervision as part of an overhaul of financial regulation following the economic crisis.
Charged with steering the economy through periods of both boom and bust, the Treasury wants "a person of undisputed integrity and standing" to take up Sir Mervyn's mantle.
The governor will have responsibility for setting interest rates, regulating banks and other financial firms, and heading a new committee designed to spot and ward off future crises.
Frontrunner Mr Tucker was recently embroiled in controversy surrounding the Barclays Libor rigging scandal.
Emails between himself and former Barclays boss Bob Diamond emerged that appeared to show Mr Tucker sanctioning the bank's efforts to manipulate its borrowing costs downwards.
But he survived a grilling on the issue by MPs on the Treasury Select Committee.
Other candidates are said to include Adair Turner, former chairman of the Financial Services Authority; Sir John Vickers, former Office of Fair Trading boss who led the Government's review into breaking up the banks; and Santander UK chairman Lord Burns.
A panel including Sir Nicholas Macpherson, permanent secretary to the Treasury, his deputy Tom Scholar and Court of the Bank of England chairman Sir David Lees sifted through CVs before interviewing candidates.