Paul Tucker has confirmed he is set to stand down from the Bank of England.
After missing out on the job of governor to Mark Carney, deputy governor Mr Tucker announced today he will be leaving the organisation later in the year.
However, Mr Tucker will remain in place for a few months in order to assist Mr Carney as he settles in to the position after replacing Sir Mervyn King.
Mr Tucker, who has worked for the Bank of England for 30 years, said: "I am very proud that, through the Bank and the wider central banking community, I have been able to make a contribution to monetary and financial stability."
Sir Mervyn added it has been a privilege to be able to work so closely with Mr Tucker during his time as governor of the Bank.
Mr Carney will take over from Sir Mervyn in the coming weeks, leaving his post as governor of the Bank of Canada to control the Bank of England.
It remains to be seen whether he will enforce a change in monetary policy at the Bank. Interest rates in the UK remain at a record low for the nation of 0.5 per cent.
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