Edward George, Baron George
Encyclopedia
Edward Alan John George, Baron George, GBE
, PC
, DL
(16 September 1938 – 18 April 2009), known as Eddie George, or "Steady Eddie", was Governor
of the Bank of England
from 1993 to 2003 and sat on the board of Rothschild.
, the son of Post Office clerk Alan and wife Olive. He attended the independent school Dulwich College
on a scholarship. He carried out his National Service
at the Joint Services School for Linguists
, where he learnt to speak Russian
.
Having graduated from Emmanuel College
, Cambridge
, he joined the Bank of England in 1962. Apart from secondments to Moscow State University
, the Bank for International Settlements
and the International Monetary Fund
, he remained there throughout his career.
He married Vanessa George, Lady George (née Williams) in Surrey in 1962. They had been sweethearts since the age of 14.
On 18 April 2009, George, a heavy smoker, died of lung cancer
. He is survived by his wife, their son Hon. Edward and two daughters Hon. Elizabeth.
, now Lord Kingsdown, and retired on the completion of his second five-year term of office on 30 June 2003. During his governance, the Bank was given independence in setting UK interest rates by Gordon Brown
, the incoming Chancellor of the Exchequer
after the 1997 general election
.
He was succeeded as Governor of the Bank of England in July 2003 by Mervyn King
. He was knighted in 2000 and given a life peer
age in June 2004 as Baron George, of St Tudy
in the County of Cornwall
. He was awarded an honorary
D.Sc. by the University of Buckingham
on 4 March 2000, and appointed a Deputy Lieutenant
of Cornwall
in March 2006.
George served as a Governor of his former school, Dulwich College, between 1998 and 2008, and served as the Chairman of the Governors between 2003 and 2008.
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 in order to preserve affluence in the south of the country. He later claimed that his remarks had been misconstrued.
The new block (Lord George building) is named after him.
Order of the British Empire
The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...
, PC
Privy Council of the United Kingdom
Her Majesty's Most Honourable Privy Council, usually known simply as the Privy Council, is a formal body of advisers to the Sovereign in the United Kingdom...
, DL
Deputy Lieutenant
In the United Kingdom, a Deputy Lieutenant is one of several deputies to the Lord Lieutenant of a lieutenancy area; an English ceremonial county, Welsh preserved county, Scottish lieutenancy area, or Northern Irish county borough or county....
(16 September 1938 – 18 April 2009), known as Eddie George, or "Steady Eddie", was Governor
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 his or her successor...
of the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
from 1993 to 2003 and sat on the board of Rothschild.
Personal life
George was born and grew up in CarshaltonCarshalton
Carshalton is a suburban area of the London Borough of Sutton, England. It is located 10 miles south-southwest of Charing Cross, situated in the valley of the River Wandle, one of the sources of which is Carshalton Ponds in the centre of the village. The combined population of the five wards...
, the son of Post Office clerk Alan and wife Olive. He attended the independent school Dulwich College
Dulwich College
Dulwich College is an independent school for boys in Dulwich, southeast London, England. The college was founded in 1619 by Edward Alleyn, a successful Elizabethan actor, with the original purpose of educating 12 poor scholars as the foundation of "God's Gift". It currently has about 1,600 boys,...
on a scholarship. He carried out his National Service
National service
National service is a common name for mandatory government service programmes . The term became common British usage during and for some years following the Second World War. Many young people spent one or more years in such programmes...
at the Joint Services School for Linguists
Joint Services School for Linguists
The Joint Services School for Linguists was founded in 1951 by the British armed services to provide language training, principally in Russian, and largely to selected conscripts undergoing National Service...
, where he learnt to speak Russian
Russian language
Russian is a Slavic language used primarily in Russia, Belarus, Uzbekistan, Kazakhstan, Tajikistan and Kyrgyzstan. It is an unofficial but widely spoken language in Ukraine, Moldova, Latvia, Turkmenistan and Estonia and, to a lesser extent, the other countries that were once constituent republics...
.
Having graduated from Emmanuel College
Emmanuel College, Cambridge
Emmanuel College is a constituent college of the University of Cambridge.The college was founded in 1584 by Sir Walter Mildmay on the site of a Dominican friary...
, Cambridge
University of Cambridge
The University of Cambridge is a public research university located in Cambridge, United Kingdom. It is the second-oldest university in both the United Kingdom and the English-speaking world , and the seventh-oldest globally...
, he joined the Bank of England in 1962. Apart from secondments to Moscow State University
Moscow State University
Lomonosov Moscow State University , previously known as Lomonosov University or MSU , is the largest university in Russia. Founded in 1755, it also claims to be one of the oldest university in Russia and to have the tallest educational building in the world. Its current rector is Viktor Sadovnichiy...
, the Bank for International Settlements
Bank for International Settlements
The Bank for International Settlements is an intergovernmental organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." It is not accountable to any national government...
and the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
, he remained there throughout his career.
He married Vanessa George, Lady George (née Williams) in Surrey in 1962. They had been sweethearts since the age of 14.
On 18 April 2009, George, a heavy smoker, died of lung cancer
Lung cancer
Lung cancer is a disease characterized by uncontrolled cell growth in tissues of the lung. If left untreated, this growth can spread beyond the lung in a process called metastasis into nearby tissue and, eventually, into other parts of the body. Most cancers that start in lung, known as primary...
. He is survived by his wife, their son Hon. Edward and two daughters Hon. Elizabeth.
Financial career
George was appointed Governor of the Bank of England in 1993, succeeding Robin Leigh-PembertonRobin Leigh-Pemberton, Baron Kingsdown
Robert "Robin" Leigh-Pemberton, Baron Kingsdown, is a crossbencher on the House of Lords, and was formerly a lawyer and banker....
, now Lord Kingsdown, and retired on the completion of his second five-year term of office on 30 June 2003. During his governance, the Bank was given independence in setting UK interest rates by Gordon Brown
Gordon Brown
James Gordon Brown is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007...
, the incoming Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
after the 1997 general election
United Kingdom general election, 1997
The United Kingdom general election, 1997 was held on 1 May 1997, more than five years after the previous election on 9 April 1992, to elect 659 members to the British House of Commons. The Labour Party ended its 18 years in opposition under the leadership of Tony Blair, and won the general...
.
He was succeeded as Governor of the Bank of England in July 2003 by Mervyn King
Mervyn King (economist)
An ex-officio member of the Bank's interest-rate setting Monetary Policy Committee since its inception in 1997, Sir Mervyn is the only person to have taken part in every one of its monthly meetings to date. His voting style is often seen as "hawkish", a perspective that emphasises the dangers of...
. He was knighted in 2000 and given a life peer
Life peer
In the United Kingdom, life peers are appointed members of the Peerage whose titles cannot be inherited. Nowadays life peerages, always of baronial rank, are created under the Life Peerages Act 1958 and entitle the holders to seats in the House of Lords, presuming they meet qualifications such as...
age in June 2004 as Baron George, of St Tudy
St Tudy
St Tudy is a civil parish and village in north Cornwall, United Kingdom. The village is situated in the River Camel valley approximately five miles northeast of Wadebridge.-Parish church:...
in the County of Cornwall
Cornwall
Cornwall is a unitary authority and ceremonial county of England, within the United Kingdom. It is bordered to the north and west by the Celtic Sea, to the south by the English Channel, and to the east by the county of Devon, over the River Tamar. Cornwall has a population of , and covers an area of...
. He was awarded an honorary
Honorary degree
An honorary degree or a degree honoris causa is an academic degree for which a university has waived the usual requirements, such as matriculation, residence, study, and the passing of examinations...
D.Sc. by the University of Buckingham
University of Buckingham
The University of Buckingham is an independent, non-sectarian, research and teaching university located in Buckingham, Buckinghamshire, England, on the banks of the River Great Ouse. It was originally founded as Buckingham University College in the 1970s and received its Royal Charter from the...
on 4 March 2000, and appointed a Deputy Lieutenant
Deputy Lieutenant
In the United Kingdom, a Deputy Lieutenant is one of several deputies to the Lord Lieutenant of a lieutenancy area; an English ceremonial county, Welsh preserved county, Scottish lieutenancy area, or Northern Irish county borough or county....
of Cornwall
Cornwall
Cornwall is a unitary authority and ceremonial county of England, within the United Kingdom. It is bordered to the north and west by the Celtic Sea, to the south by the English Channel, and to the east by the county of Devon, over the River Tamar. Cornwall has a population of , and covers an area of...
in March 2006.
George served as a Governor of his former school, Dulwich College, between 1998 and 2008, and served as the Chairman of the Governors between 2003 and 2008.
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 in order to preserve affluence in the south of the country. He later claimed that his remarks had been misconstrued.
The new block (Lord George building) is named after him.