Edward Alan John George, Baron George (16 September 1938 – 18 April 2009),
known as Eddie George, or sometimes as "Steady Eddie", was
Governor of the Bank of England
The governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the bank, with the incumbent grooming their successor. The governor of the Ba ...
from 1993 to 2003
and sat on the board of
NM Rothschild and Sons
Rothschild & Co is a multinational investment bank and financial services company, and the flagship of the Rothschild banking group controlled by the French and British branches of the Rothschild family.
The banking business of the firm covers th ...
.
Early life
George was born and grew up in
Carshalton
Carshalton () is a town, with a historic village centre, in south London, England, within the London Borough of Sutton. It is situated south-southwest of Charing Cross, in the valley of the River Wandle, one of the sources of which is Carshalton ...
, the son of Alan, a
Post Office
A post office is a public facility and a retailer that provides mail services, such as accepting letters and parcels, providing post office boxes, and selling postage stamps, packaging, and stationery. Post offices may offer additional serv ...
clerk, and his wife Olive. He attended the independent school
Dulwich College
Dulwich College is a 2–19 independent, day and boarding school for boys in Dulwich, London, England. As a public school, it began as the College of God's Gift, founded in 1619 by Elizabethan actor Edward Alleyn, with the original purpose of ...
on a scholarship. Having learned to speak
Russian
Russian(s) refers to anything related to Russia, including:
*Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries
*Rossiyane (), Russian language term for all citizens and peo ...
at Dulwich, he carried out his
National Service
National service is the system of voluntary government service, usually military service. Conscription is mandatory national service. The term ''national service'' comes from the United Kingdom's National Service (Armed Forces) Act 1939.
The l ...
at the
Joint Services School for Linguists
The Joint Services School for Linguists (JSSL) was founded in 1951 by the British armed services to provide language training, principally in Russian, and largely to selected conscripts undergoing National Service. The school closed with the endi ...
. He attended and graduated from
Emmanuel College, Cambridge
Emmanuel College is a constituent college of the University of Cambridge. The college was founded in 1584 by Sir Walter Mildmay, Chancellor of the Exchequer to Elizabeth I. The site on which the college sits was once a priory for Dominican mon ...
.
Financial career
George joined the Bank of England in 1962. Apart from secondments to
Moscow State University
M. V. Lomonosov Moscow State University (MSU; russian: Московский государственный университет имени М. В. Ломоносова) is a public research university in Moscow, Russia and the most prestigious ...
, the
Bank for International Settlements
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks".
The BIS carries out its work thr ...
and the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
, he remained there throughout his career.
After three years as
Deputy Governor, he was appointed
Governor of the Bank of England
The governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the bank, with the incumbent grooming their successor. The governor of the Ba ...
to succeed
Robin Leigh-Pemberton, who retired on the completion of his second five-year term of office on 30 June 1993. During the early part of George's governance, his successful relationship with then-
Chancellor of the Exchequer
The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of His Majesty's Treasury. As one of the four Great Offices of State, the Chancellor is ...
Kenneth Clarke
Kenneth Harry Clarke, Baron Clarke of Nottingham, (born 2 July 1940), often known as Ken Clarke, is a British politician who served as Home Secretary from 1992 to 1993 and Chancellor of the Exchequer from 1993 to 1997 as well as serving as de ...
gained for them the nickname of 'the Ken and Eddie Show'. Upon the
Labour Party coming to power at the
1997 general election, the Bank was given independence in setting UK interest rates by
Gordon Brown
James Gordon Brown (born 20 February 1951) is a British former politician who served as Prime Minister of the United Kingdom and Leader of the Labour Party (UK), Leader of the Labour Party from 2007 to 2010. He previously served as Chance ...
, the incoming Chancellor of the Exchequer.
George was succeeded as Governor of the Bank of England in July 2003 by
Mervyn King.
George attracted controversy in 1998 when he was widely reported to have made a statement to London newspaper executives implying that unemployment in the north of England was a price worth paying to preserve affluence in the south of the country. He later claimed that his remarks had been misconstrued.
Later life
George served as a Governor of his former school,
Dulwich College
Dulwich College is a 2–19 independent, day and boarding school for boys in Dulwich, London, England. As a public school, it began as the College of God's Gift, founded in 1619 by Elizabethan actor Edward Alleyn, with the original purpose of ...
, between 1998 and 2008, and served as the Chairman of the Governors between 2003 and 2008.
On 18 April 2009, George, a heavy smoker, died of lung cancer.
Personal life
George married Vanessa George, Lady George (''
née
A birth name is the name of a person given upon birth. The term may be applied to the surname, the given name, or the entire name. Where births are required to be officially registered, the entire name entered onto a birth certificate or birth re ...
'' Williams) in Surrey in 1962. They had three children. Lady George died in March 2017.
Honours
George was appointed
Knight Grand Cross of the Order of the British Empire
The Most Excellent Order of the British Empire is a British order of chivalry, rewarding contributions to the arts and sciences, work with charitable and welfare organisations,
and public service outside the civil service. It was established ...
in the
2000 Birthday Honours
The Queen's Birthday Honours were announced on 19 June 2000 to celebrate the Queen's Official Birthday in the United Kingdom,United Kingdom: Australia (12 June), New Zealand (13 June),New ZealandThe Queen's Birthday Honours 2000(13 June 2000), '' ...
.
He was made a
life peer
In the United Kingdom, life peers are appointed members of the peerage whose titles cannot be inherited, in contrast to hereditary peers. In modern times, life peerages, always created at the rank of baron, are created under the Life Peerages ...
in June 2004
as Baron George, of
St Tudy
St Tudy ( kw, Eglostudi) is a civil parish and village in north Cornwall, England, United Kingdom. The village is situated in the River Camel valley approximately five miles northeast of Wadebridge.
History
The village is mentioned as having a ...
in the
County of Cornwall.
He was awarded an
honorary D.Sc.
Doctor of Science ( la, links=no, Scientiae Doctor), usually abbreviated Sc.D., D.Sc., S.D., or D.S., is an academic research degree awarded in a number of countries throughout the world. In some countries, "Doctor of Science" is the degree used f ...
by the
University of Buckingham
, mottoeng = Flying on Our Own Wings
, established = 1973; as university college1983; as university
, type = Private
, endowment =
, administrative_staff = 97 academic, 103 support
, chance ...
on 4 March 2000, and appointed a
Deputy Lieutenant of
Cornwall
Cornwall (; kw, Kernow ) is a historic county and ceremonial county in South West England. It is recognised as one of the Celtic nations, and is the homeland of the Cornish people. Cornwall is bordered to the north and west by the Atlantic ...
in March 2006.
Arms
References
{{DEFAULTSORT:George, Edward
1938 births
2009 deaths
Alumni of Emmanuel College, Cambridge
British economists
Crossbench life peers
Deaths from lung cancer in England
Deputy Lieutenants of Cornwall
English bankers
Knights Grand Cross of the Order of the British Empire
Members of the Privy Council of the United Kingdom
George, Edward George, Baron
Nestlé people
People educated at Dulwich College
Governors of the Bank of England
People from Carshalton
Deputy Governors of the Bank of England
N M Rothschild & Sons people
20th-century English businesspeople
Life peers created by Elizabeth II