Deputy to quit Bank for role as academic

He is expected to leave in the autumn after lending support to incoming governor Mark Carney, who will succeed Sir Mervyn King on July 1.

Mr Tucker, 55, said he planned to spend time in academia in the United States following his departure.

He has faced speculation over his future at the Bank after he lost out to Mr Carney in the race to take over from Sir Mervyn.

He said: “It has been an extraordinary honour to serve at the Bank of England over the past 30 years.

“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. I will continue to do so in the coming months.”

In an exchange of letters over his decision to leave, Chancellor George Osborne praised Mr Tucker for the “tremendous contribution” he has made to UK monetary and financial policy.

He added Mr Tucker had helped shape changes being made to the financial system across the world in the wake of the banking crisis.

Mr Tucker was appointed deputy governor for financial stability in 2009 and he is a member of the recently created watchdog, the Financial Policy Committee, as well as on the board of the Prudential Regulation Authority.

Mr Tucker’s departure will see him stand down early from his five-year term, which is due to end in February 2014, although his exact leaving date is yet to be announced.

His decision to step down will leave Mr Carney with the task of hiring two new deputy governors, as Charlie Bean is due to leave at the end of June next year.

Mr Bean had been due to stand down on the same day as Sir Mervyn, but agreed to remain in post for another year to help Mr Carney.