BoE's Gieve to leave following stability changes

Sir John Gieve, the Bank of England's deputy governor responsible for financial stability, will step down once changes to the Bank's financial stability role are in place.

Sir John announced his decision last night after Alistair Darling, the chancellor of the exchequer, spoke of plans to make financial stability oversight a legal responsibility for the Bank and to set up a Financial Stability Committee at his annual Mansion House speech.

"Once the legislation is in place, building up the new

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