Magazine article The Spectator

Top Spots Come Up at the Bank, but the Queen and the Prime Minister Take Their Time

Magazine article The Spectator

Top Spots Come Up at the Bank, but the Queen and the Prime Minister Take Their Time

Article excerpt

Down the Bank of England's stony corridors the secretaries tiptoe: `Have you signed David's card? Would you like to chip in for his present?' His five-year term as Deputy Governor runs out at the end of the month, and everyone believes (though no one can quite say so) that David Clementi is off to the Prudential, which has belatedly decided that it needs a chairman with a background in finance. Saying hello to his successor has proved harder. This appointment is not in the Bank's gift. It must be made by the Queen on the advice of the Prime Minister, and they have certainly taken their time about it. This week they are both on holiday - in different places, naturally - and so is the Chancellor of the Exchequer, who might in practice have sent them a short list of one. In the next ten months they must fill or refill all three of the Bank's top spots. Mervyn King, the other Deputy Governor, is nearing the end of his own five-year term, and next summer Sir Edward George will head for Cornwall and hang up his new shingle: 'Dungovernin'. …

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