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Chancellor launches search for next governor of the Bank of England

Chancellor Philip Hammond has confirmed the Treasury will begin the process of finding Mark Carney’s successor as governor of the Bank of England.

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Carney had initially agreed to say on in his role until January 2020 in order to "support a smooth exit" from the EU. He had originally been expected to step down from the role at the end of June 2019 - two years short of the usual eight-year term, but an exchange of letters between the governor and Hammond confirmed the seven-month extension.

 

A Canadian national, Carney became the first non-Briton to be appointed governor in the Bank’s 300-year history.

 

A job description will be placed on the public appointments website later today (April 24, 2019). The annual salary is £480,000, which is unchanged since 2013.

 

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.

 

Interviews will be held over the summer, with the aim of announcing Carney’s successor in the autumn.

 

Potential successors include Bank of England deputy governor Ben Broadbent and chief economist Andy Haldane.

 

Financial Conduct Authority (FCA) chief executive Andrew Bailey is also in the running, along with former Bank of England deputy governor Nemat Shafik.

 

Hammond said: “I look forward to working with Mark 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.”

 

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