§ Mr. RedmondTo ask the Chancellor of the Exchequer (1) what qualifications by examination were held by Mr. Pennant-Rea at the time he was appointed Deputy Chairman of the Bank of England; [17829]
(2) what posts were held by Mr. Pennant-Rea in the 10 years before he was appointed Deputy Chairman of the Bank of England; and what assessment he has made of Mr. Pennant-Rea's suitability for the post of Deputy Governor; [17827]
(3) on whose recommendation Mr. Pennant-Rea was appointed Deputy Chairman of the Bank of England. [17828]
§ Mr. NelsonAt the time he was appointed Deputy Governor, Mr. Pennant-Rea held a BA degree in economics from Trinity college Dublin and MA degree in economics from Manchester university.
Mr. Pennant-Rea is an experienced economist who has managed a leading international economics newspaper. From 1977 to 1986, he was a journalist on The Economist. This included spells on secondment to the International Bank for Reconstruction and Development as editor of "World Development Report". From 1986 until 1993 he was the editor of "The Economist" and a director of The Economist Newspaper Group Inc.
Mr. Pennant-Rea was appointed Deputy Governor on the recommendation of the Prime Minister. As with all appointments at this level, it was made following wide consultation.