Downing Street Says » Bank of England/Economy

» Thursday, June 19, 2008

Bank of England/Economy

Asked if the Prime Minister had any words of welcome for the new Deputy Governor of the Bank of England, Charles Bean, the PMS said that the Treasury press notice had welcomed the appointment of Charles Bean on behalf of the Government and that this was an appointment which had been approved by the Prime Minister. As the Treasury said, we were delighted that Charles Been had agreed to serve as Deputy Governor for a 5-year term, bringing substantial economic expertise to the role that will be invaluable in the context of economic uncertainty.

Asked if there were any words from the Prime Minister on the departure of Sir John Gieve, the PMS referred journalists again to the Treasury press notice which thanked Sir John Gieve for his work and recognised the fact that he had done an excellent job; we now wanted him to see through the process of reforming the Bank’s financial stability role. The press notice also made clear that, given Sir John Gieve would be well into the second half of his term when the new legislation came into force next year, he had decided that it made sense for someone who was able to commit for a 5-year term to take on the task.

Asked if the Prime Minister agreed with the Governor of the Bank of England that we were facing the most difficult economic circumstances of the last two decades, the PMS said that the Chancellor had spoken on behalf of the Government, at length, during his Mansion House speech last night. As the Chancellor had said, with the UK economy, as elsewhere in the world, we were having to deal with the turbulence in financial markets and the soaring costs of energy, food and commodities. The Chancellor also reiterated the point that the UK economy was well placed to deal with these challenges.

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