The Bank is also announcing new appointments to the Board of the Prudential Regulation Authority (PRA).
Spencer has decided to pursue a new path in his career, as Chief Economist of BP plc. He will start his new position on 27 October 2014, after a post-employment cooling off period. A recruitment process will begin shortly to find a successor for Spencer. This position will be advertised externally as well as within the Bank; and as required by the Bank of England Act, the Chancellor will be consulted with respect to the candidate to replace Spencer on the FPC.