Bank's City ambassador gets the nod for deputy

Paul Tucker, the executive director responsible for markets at the Bank of England, will replace Sir John Gieve as the deputy governor responsible for financial stability.

Tucker is the closest thing the Bank of England has to an ambassador to the City of London and market participants are likely to welcome news of his appointment.

The appointment will also be welcome news in Whitehall. The Treasury had been thought to favour Tucker to succeed Rachel Lomax earlier this year. However, Mervyn K

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