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Deputy governor to leave Bank of England

The deputy governor of the Bank of England Paul Tucker is to step down from his position.

This comes as the governor of the central bank Sir Mervyn King prepares to resign at the end of June after 33 years at the bank.

Sir Mervyn will be replaced by Mark Carney, who has served as head of the Bank of Canada.

It is not known when Mr Tucker will officially depart but it is thought he will initially stay on to support Mr Carney. He was one of the candidates to succeed Sir Mervyn when the bank was searching for his replacement.

"It has been an extraordinary honour to serve at the Bank of England over the past thirty years," said Mr Tucker.

He will go on to spend some time in academia in the US once he has left the central bank.

The Treasury said it had not started to look for a replacement but would be doing so in due course.

By Claire Archer