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Chancellor launches hunt for next Bank of England boss

Mark Carney took up the post on July 1 2013 and will step down on January 31 next year.

The search for the next Governor of the Bank of England is being officially launched to replace Mark Carney when he stands down next January, it has been announced.
The search for the next Governor of the Bank of England is being officially launched to replace Mark Carney when he stands down next January, it has been announced.

The search for the next Governor of the Bank of England has been launched to replace Mark Carney when he stands down next January.

Chancellor Philip Hammond praised Mr Carney’s “steady hand” in the role and said it was “vital” to find the right successor to ensure the ongoing strength of the economy.

Mr Carney took up the post on July 1 2013 and will step down on January 31 next year, having extended his tenure twice.

Finding a candidate with the right skills and experience to lead the Bank of England is vital for ensuring the continuing strength of our economy and for maintaining the UK’s position as a leading global financial centre Chancellor Philip Hammond

Mr Hammond said: “In today’s rapidly evolving economy the role of Governor is more important than ever.

“Finding a candidate with the right skills and experience to lead the Bank of England is vital for ensuring the continuing strength of our economy and for maintaining the UK’s position as a leading global financial centre.”

Mr Hammond paid tribute to Mr Carney’s leadership.

He said: “His steady hand has helped steer the UK economy through a challenging period and we are now seeing stable, low inflation and the fastest wage growth in over a decade.

“And under Mark’s leadership the Bank of England has been at the forefront of reforms to make our financial system safer and more accountable.”

The Treasury will employ a specialist head hunter and said the recruitment process has been designed to ensure the “most qualified candidate is appointed from the broadest possible pool of applicants”.

It expects to hold interviews over the summer, with the appointment being made in the autumn.

The next Governor will be paid £480,000 a year – a salary that has remained at this level throughout Mr Carney’s tenure.

In the job description for the role, the Treasury said it welcomes candidates “irrespective of age, gender, ethnicity, sexual orientation or disability”.

Candidates must be able to commit to an eight-year term, it added.

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Former policymaker David ‘Danny’ Blanchflower said the Bank of England Governor’s role has become too politicised (Dominic Lipinski/PA)

Mr Carney said in 2016 that he would stay for an extra year after his tenure ended – until June 2018 – but was then persuaded by Mr Hammond to extend his term by another seven months to help ease disruption from Brexit at a critical time.

But the Canadian’s time at the helm has been marred over the past two years, with the Governor and the Bank’s Monetary Policy Committee (MPC) coming under heavy criticism over their handling of communications surrounding Brexit.

In particular, the Bank’s doomsday scenario report on Brexit led to accusations of collusion with the Government and “implausible” forecasts.

Former MPC member David “Danny” Blanchflower recently told the Press Association that Mr Carney was leaving a “poisoned chalice” for his successor, claiming the role had become too politicised.

He said he believed Mr Hammond would struggle to find candidates to replace Mr Carney.

PA

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