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| Version 2 | Version 3 |
|---|---|
| Former bank governor George dies | Former bank governor George dies |
| (20 minutes later) | |
| The former Governor of the Bank of England Edward George has died aged 70 after a long battle with cancer, the Bank of England said. | The former Governor of the Bank of England Edward George has died aged 70 after a long battle with cancer, the Bank of England said. |
| Lord George stood down from his post after his second five-year stint ended in the summer of 2003. | Lord George stood down from his post after his second five-year stint ended in the summer of 2003. |
| In office he acquired the nickname Steady Eddie, and gained a higher media profile than most of his predecessors. | In office he acquired the nickname Steady Eddie, and gained a higher media profile than most of his predecessors. |
| Mervyn King, who succeeded Lord George in the post, said he was "deeply saddened" as he announced his death. | Mervyn King, who succeeded Lord George in the post, said he was "deeply saddened" as he announced his death. |
| 'Remembered' | 'Remembered' |
| Mr King added: "He served the bank for more than 40 years and was an outstanding governor, colleague and friend. | Mr King added: "He served the bank for more than 40 years and was an outstanding governor, colleague and friend. |
| "Eddie will be remembered as the governor who led the bank to independence. | "Eddie will be remembered as the governor who led the bank to independence. |
| He was universally admired for his expertise, judgment and wisdom Gordon Brown Obituary: Lord George | |
| "Only a few weeks ago, we reminisced about the events that led to that significant change for the bank." | "Only a few weeks ago, we reminisced about the events that led to that significant change for the bank." |
| Mr King was referring to the decision in May 1997, shortly after the Labour government came to power, to grant the Bank of England independence. | Mr King was referring to the decision in May 1997, shortly after the Labour government came to power, to grant the Bank of England independence. |
| Prime Minister Gordon Brown said: "Eddie George was the first governor of the independent Bank of England. | |
| "He was universally admired for his expertise, judgment and wisdom, and it was my privilege to have worked with one of the world's greatest and most respected central bankers. | |
| "My thoughts are with Vanessa and their three children." | |
| Lord George gained praise from his colleagues on the bank's Monetary Policy Committee (MPC) for the informal and transparent way he chaired their meetings. | Lord George gained praise from his colleagues on the bank's Monetary Policy Committee (MPC) for the informal and transparent way he chaired their meetings. |
| 'Wonderful career' | 'Wonderful career' |
| Christened Edward Alan John George, he studied at Dulwich College, south London, and Emmanuel College, Cambridge, where he gained a second in economics. | Christened Edward Alan John George, he studied at Dulwich College, south London, and Emmanuel College, Cambridge, where he gained a second in economics. |
| Famously, he once told a conference that there were three types of economist - those who could add up and those who could not. | Famously, he once told a conference that there were three types of economist - those who could add up and those who could not. |
| It was a joke apparently lost on one delegate who asked what the third category was. | It was a joke apparently lost on one delegate who asked what the third category was. |
| He joined the Bank of England in 1962, working at first on East European affairs. | He joined the Bank of England in 1962, working at first on East European affairs. |
| Announcing his departure from the bank, Lord George had said he had had "a wonderful career". | Announcing his departure from the bank, Lord George had said he had had "a wonderful career". |
| He said in 2003: "It's jolly hard work so when I come to the end of my term I shall be looking forward to retiring." | He said in 2003: "It's jolly hard work so when I come to the end of my term I shall be looking forward to retiring." |
| Controversy | Controversy |
| A major challenge during his tenure was to deal with the collapse of Barings bank. | A major challenge during his tenure was to deal with the collapse of Barings bank. |
| He also attracted criticism in the north-east of England in 1998 when he appeared to suggest that job losses in the region were a price worth paying to curb inflation in the more prosperous south of the country. | He also attracted criticism in the north-east of England in 1998 when he appeared to suggest that job losses in the region were a price worth paying to curb inflation in the more prosperous south of the country. |
| During his career Lord George was also seconded to the Bank for International Settlements and the International Monetary Fund. | During his career Lord George was also seconded to the Bank for International Settlements and the International Monetary Fund. |
| Lord George was knighted in 2000 and made a life peer in 2004. | Lord George was knighted in 2000 and made a life peer in 2004. |
| He is survived by his wife Vanessa and their three children. | He is survived by his wife Vanessa and their three children. |