Downing Street Says » Governor of the Bank of England

» Wednesday, January 30, 2008

Governor of the Bank of England

Asked why Mervyn King had been given a second term in the Prime Minister’s view, the Prime Minister’s Spokesman (PMS) replied that we had always made clear that it was the Prime Minister’s view that Mervyn King had been a first rate Governor to the Bank of England in his first term, and on that basis he had been re-appointed.

Asked why the Prime Minister and the Government were opposed to a single-term Governor, the PMS replied that the Government had introduced legislation in 1998 to this effect, Mervyn King had been a first rate Governor of the Bank of England, and on that basis the Government thought that there was a case for him being re-appointed.

Asked for more details on the re-appointment process, and were any others considered, the PMS replied that we would not be getting into the detail of exactly what the internal Government processes were on appointments of this nature. But we had always made clear that it was the Prime Minister and the Chancellor’s view that Mervyn King was a first rate Governor of the Bank of England.

Asked if the appointment of the Deputy Governor was a government appointment, and when would this happen, the PMS replied that when we had an announcement to make on the Deputy Governor re-appointment, we would make that announcement. But there would be no announcement on that today.

Asked for the Prime Minister’s view on the Treasury Committee report that talked about the Deputy Governors role, the PMS replied that this was a question for the Treasury.

Asked if the re-appointment could be seen as an endorsement over Mervyn King’s handling of Northern Rock, the PMS replied that it was the Prime Minister’s view that Mervyn King has been, and is, a first rate Governor of the Bank of England, and that was why he had been re-appointed.

Asked if the Prime Minister had complete confidence in the Deputy Governor, the PMS replied that he did.

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