'Team at the top' is changing

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'Team at the top' is changing

The team at the top of the Bank of England, which sets interest rates, is undergoing several changes in personnel as the economy slides into recession.

Recently, one of the members of the Bank of England's Monetary Policy Committee (MPC), David Branchflower, wrote to the chancellor to announce that he would be leaving when his term finishes next year.

At the same time, the MPC is preparing to welcome a new deputy governor of the bank, Paul Tucker, who will replace the outgoing deputy, Sir John Geive.

Mervyn King, the governor of the Bank of England, said: "[Paul Tucker's] experience across the Bank makes him the ideal person to help steer the financial system through this challenging period."

Chancellor Alistair Darling added: "Paul will be a key member of the team leading the Bank's work during the current financial and economic challenges we face."

The MPC made the headlines recently with two successive cuts in interest rates, including an unprecedented cut of 1.5 per cent in one day.

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