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Rachel Lomax declines Governor job

Rachel Lomax declines Governor job

Category: Banking

Updated: 19/09/2012
First Published: 19/09/2012

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The economist Rachel Lomax has confirmed she will not apply for the role of governor of the Bank of England, despite rumours she would take on Sir Mervyn King's role next year.

Speaking on BBC Radio 4 yesterday, Ms Lomax stated that the job was "not for her" and that "life had moved on" following her time at the Bank.

Between 2003 and 2008 Ms Lomax was the deputy governor of the Bank of England, leaving just prior to the collapse of Lehman Brothers bank in late 2008.

She pointed out that Sir Mervyn's successor would have a 'huge job' to take on, particularly as the Bank takes over the Financial Services Authority's responsibilities of overseeing the banking system and financial institutions next year.

"It's going to be a very different organisation - much bigger and more complex organisation than the one that Mervyn King's presided over. So you need someone who can get their mind round that and at least sort of lead the change and put together the team that can implement it," she said.

The role of Governor was advertised in The Economist magazine last Friday. The closing date for willing candidates is 8th October.

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