Former Bank of England governor Eddie George dies

LONDON (AP) - Eddie George, the former governor of the Bank of England, died Saturday of cancer, the bank said. He was 70.

George headed the bank between 1993 and 2003, and he was in charge when it was given independent authority to set interest rates in 1998.

He was appointed to the House of Lords in 2004, a year after he retired.

George joined the bank in 1962, at first specializing in East European affairs, and was appointed executive director in 1982. He became deputy governor in 1990 and was knighted in 2000.

“He was universally admired for his expertise, judgment and wisdom, and it was my privilege to have worked with one of the world’s greatest and most respected central bankers,” said Prime Minister Gordon Brown.

Mervyn King, the current governor of the Bank of England, also paid tribute to his predecessor, sometimes known as “Steady Eddie,” for his calm approach. “Eddie will be remembered as the governor who led the bank to independence,” King said.

Economist Will Hutton, chief executive of the Work Foundation think tank, said of George: “He was a complete professional, very approachable, a very good man.”

“His particular pride was that he was the governor who navigated the bank to independence,” Hutton told the British Broadcasting Corp.

George is survived by his wife Vanessa and their three children.

The family planned a private funeral, the bank said.