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Bank of England chief economist to head OFT

Bank of England chief economist John Vickers is to be made the next director general of the Office of Fair Trading.

He will succeed John Bridgeman who completes his term at the end of September. Bridgeman has held the position, at the as the consumer watchdog, for five years.

Vickers&#39 CV is an impressive one. He has had posts at Oxford, Princeton, Harvard and the London Business School. He joined the Bank in 1998.

He is a member of the prestigious monetary policy committee, which determines the national rate of interest each month. Vickers is viewed as being one of the so-called “hawks” of the committee, wanting to raise the rate to force sterling down.

Vickers has been chosen from a list of 66 candidates.

Secretary of state for trade and industry Stephen Byers says: “To attract an individual of his standing to this post is a demonstration of the importance of the position.”

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