Treasury begins search for next Bank of England Governor

Mark Johnson's picture
by Mark Johnson

If you have a good head for figures, you might want to dust off your CV and revamp your LinkedIn page, because the search is on for Britain’s highest ranking banking official.

The Treasury today began its search for the next governor of the Bank of England to replace Mark Carney, who will leave at the end of January next year.

An advert has appeared on the Cabinet Office website offering a salary of £480,000 per year for a commitment of eight years.

Leaving soon: Current Governor Mark Carney will step down in January 2020

The top Bank role has previously always been held by a man, however, with diversity issues high on the agenda, the BoE is reported to be under pressure to identify a female candidate for the role.

With a nod to Brexit and technological developments, UK Chancellor, Phillip Hammond said the rapidly evolving economy meant that the role of BoE Governor was crucial.

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

He said he looked forward to working with incumbent Carney over the remaining months of his term as Governor. 

“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”, he added.

Carney's controversial legacy 

However, Carney has also faced criticism for wading into the Brexit debate with doomsday scenario comments over the fate of the economy, if Britain ever does leave the European Union.

He warned that interest rates could spiral causing chaos in the economy, when in fact they had to be cut in the months after the  Brexit vote. He has also wanred that house prices could plunge in the event of a no deal.

In 2016, he drew criticism for 'picking a fight' with Prime Minister Theresa May, over comments she made about the Bank's policies. Carney said he would not "take instruction" from politicians, sparking the threat of a rift between the Government and the central bank.

Regarding the role itself, the Governor of the Bank of England chairs the Bank’s three main policy committees, which oversee the UK’s monetary, financial and prudential policy. 

The Governor also represents the Bank internationally, including at the G7, G20, Bank for International Settlements and the International Monetary Fund.

The Treasury noted that “the recruitment process for the next Governor has been designed to ensure that the most qualified candidate is appointed from the broadest possible pool of applicants.

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