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Gieve announces quit plan as he heads to North East

Posted by Andrew Hebden on June 19, 2008 10:24 AM | 

There will be extra interest in what Bank of England Deputy Governor Sir John Gieve has to say to members of the North East Chamber of Commerce tonight after he announced shock plans to stand down early.

Sir John, who has been criticised recently for his part in the handling of the Northern Rock debacle, is due to speak at the NECC Durham Tees Valley dinner at Hardwick Hall, Sedgefield, tonight (Thursday).

His address comes just 24 hours after Mervyn King's Mansion House speech in which he warned that the UK faces its "most difficult economic challenge for two decades".
Sir John's surprise resignation was announced on Wednesday evening, just as the Government announced the biggest shake-up of the Bank's financial stability remit in a decade.
A statement from the Bank said that Sir John - who has specific responsibility for keeping the financial system on an even keel - believed "the new responsibilities should be led by a new deputy governor who will serve a full term".
His departure, which some commentators believe will be a source of embarrassment to Mr King, is expected to take effect in spring 2009.
But it adds extra spice to his address to the NECC, which was already much anticipated in the current economic climate. It will be interesting to see if he sheds any more light on the reasons behind his decision.
For a full report on tonight's NECC event and Sir John's speech, see tomorrow's edition of The Journal.


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