Home » EUR » Time’s nearly up for Osborne

Time’s nearly up for Osborne

Although UK third quarter gross domestic product figures exceeded expectations industry experts aren’t foreseeing the growth trend continuing in the fourth quarter.

In recent weeks disappointing data releases have lowered the briefly optimistic outlook for UK economic recovery and now Chancellor of the Exchequer George Osborne could have less than 10 days in which to decide who should be in charge of Britain’s bank and economy until 2020.

When current governor Mervyn King steps down in June his successor will begin an 8-year term, so whoever Osborne chooses to be the next governor of the Bank of England will be in charge whilst the UK attempts to rebound from the global economic slowdown.

The list of potential governors was compiled by Treasury officials and will be presented to Osborne as he structures his December 5th Autumn Statement. Most consider his economic update for Parliament as the ideal opportunity for announcing his choice.

Prime Minister David Cameron will help Osborne come to a decision before the Queen must offer final approval on the choice.

A former advisor to the UK Treasury stated: ‘It’s necessary to have someone with a lot of practical experience of banks and who is actually reasonably friendly to banks. Paul Tucker is much closer to that sort of thing, and much more experienced.’

Osborne has abandoned a decades old tradition of picking contenders from within the Bank of England and potential candidates include: Deputy Governor Paul Tucker, John Vickers (who headed the Independent Commission on Banking) and Adair Turner (leader of the Financial Services Authority).

Tucker is the current favourite with odds of 1-4.

As of 12:55 am

The Pound to Euro exchange rate is currently trading at 1.2350

The Pound to US Dollar exchange rate is currently trading at 1.6004

The Pound to Australian Dollar exchange rate is currently trading at 1.5325

The Euro to US Dollar exchange rate is currently trading at 1.2957

The Euro to Pound exchange rate is currently trading at 0.8096

Comments are closed.