Newspaper article The Evening Standard (London, England)

Tucker Pushes Claim for Top BoE Job with a Pledge on Lending

Newspaper article The Evening Standard (London, England)

Tucker Pushes Claim for Top BoE Job with a Pledge on Lending

Article excerpt

Byline: Russell Lynch

THE increasingly public battle for the Bank of England's top job hotted up today as the favourite to claim the role pledged to do more to boost lending into the UK's credit-starved economy. m Deputy Governor Paul o Tucker's public comments at a banking conference in Tokyo ca T me hours after Financial Serv-v ices Authority chairm-an Adair Turner laid out a thinly disguised m-anifesto at the Mansion House for the country's m-ost powerful unelected role.

Tucker, pictured, speaking at a banking conference in Tokyo organised by the T Institute for International Finance, said: "There are no silver bullets. Of course there is weak dem-and for credit, but where we can rem-ove im-pedim-ents to the supply of credit we should do so."

The Deputy Governor, now an oddson favourite with the bookm-akers to win the battle for Threadneedle Street, said he had been "pleasantly surprised" by the num-ber of banks and building societies that had signed up to the Bank's [pounds sterling]80 billion Funding for Lending schem-e since its launch two m-onths ago.

"We observe the fall in funding costs that this has helped to bring about. I am- reasonably confident this will be passed on to the real econom-y over tim-e," he said.

If the FLS is successful, rate-setters on the Bank's m-onetary policy com-m-ittee have said it would reduce the need for it to buy up gilts under its quantitative easing schem-e of m-oney printing. The Bank has bought up [pounds sterling]375 billion in bonds, but analysts are split over whether policym-akers will pum-p in billions m-ore next m-onth.

Tucker's intervention m-arks his first public com-m-ents since applications to succeed Sir Mervyn King closed on Monday. But Lord Turner called last night for "creative ways forward which, as best possible, both increase resilience and support lending" in a radical pitch for the Governor's job. …

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