Alistair Darling must replace the Bank of England's financial stability chief in favour of someone with extensive City experience, the Shadow Chancellor said, The Telegraph reports.
George Osborne urged Mr Darling to appoint an executive with "significant experience of financial markets" as one of the Bank's two deputy governors. In a letter to Mr Darling, Mr Osborne said that following the credit crunch and the Northern Rock fiasco, the new appointee to the Bank and the Monetary Policy Committee must have a "real understanding of the City". In what may be seen as a slight to Sir John Gieve, the deputy governor for financial stability, Mr Osborne recommended the Chancellor's new appointment takes on his remit, leaving Sir John to take charge of the soon-to-be-vac...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
