The Bank of England's (BoE) chief economist Charlie Bean is set to named as the Bank's new deputy governor.
Reports over the weekend suggest Bean will replace Rachel Lomax as deputy governor in the monetary policy role when she stands down at the end of the month, while Sir John Gieve remains as deputy governor for financial stability.
It can be seen as a win for BoE governor Mervyn King, with the Treasury believed to prefer a candidate who specialises more in financial markets.
Shadow Chancellor George Osborne had urged the Government to find someone with extensive City experience following the credit crunch and the Northern Rock disaster.
Osborne recommended the new appointment takes on his Gieve’s financial stability remit, pushing him over to the monetary policy role.IFAonline
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