Sir Kit McMahon loses governorship over fiscal criticism
- Sir Kit McMahon entered the Bank of England in 1964 and became deputy governor in 1980.
- He was recognized for his efforts during critical international financial negotiations.
- His honest critiques of government policies led to the loss of his bid for governorship.
Sir Kit McMahon was a prominent figure in the banking sector, particularly recognized for his unorthodox approach and engaging personality, which broke from the traditional mold of the banking profession in the UK. Born in Australia, he joined the Bank of England in 1964 and quickly became known for his personable nature. As deputy governor from 1980, McMahon played significant roles in various high-stakes financial situations, including the rescue of hostages in Iran and aiding in the negotiations to save Johnson Matthey Bankers during a banking crisis. His candid views regarding the fiscal policies of Prime Minister Margaret Thatcher, however, led to his downfall. In 1983, these outspoken criticisms contributed to him losing the chance to become governor, a position subsequently offered to Robin Leigh-Pemberton. McMahon departed from the Bank in 1987, highlighting a career filled with both achievements and challenges. His legacy reflects both his contributions to the banking industry and the political ramifications of his outspoken nature, intertwining financial acumen with the complexities of political dynamics in the UK at that time.