Hunt is on for next Bank of England head
25 Apr 2019
The Treasury has announced that the process to appoint the next governor of the Bank of England has begun, with the current incumbent Mark Carney, due to step down next year
25 Apr 2019
Carney took up the role on 1 July 2013 and will leave on 31 January 2020.
Applicants for the job can expect a salary of £480,000 and an eight-year commitment.
Philip Hammond, Chancellor of the Exchequer, 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.’
Hammond paid tribute to Carney, saying 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 said.
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 job description for the role notes that ‘the governor is the Bank’s principal communicator on all policy matters and accountability to Parliament takes the form of frequent appearances before the Treasury Select committee.
‘Outside Parliament, the governor will be expected to explain the Bank’s policy positions to diverse audiences in order to build and retain public confidence in the Bank’s functions, to provide assurance to domestic and international markets and to maintain the transparency of the Bank’s decision-making.’
It states that the successful candidate must demonstrate that she/he can successfully lead, influence and manage a complex and powerful financial institution, inspiring confidence and credibility within the Bank, throughout financial markets, in the wider public arena and on the international stage. She/he will need a broad range of capabilities ranging from macroeconomics, to understanding developments in, and the structure of, financial markets, to macro-prudential and micro-prudential supervision.
According to the Treasury’s advertisement, potential candidates will have substantial experience of working at the most senior level in a major bank or other financial institution or of working in, or involvement with, central banking (e.g. the Bank for International Settlements or the International Monetary Fund).
As well as completing an application form, they are required to submit a covering letter of no more than three sides of A4 explaining how they meet the appointment criteria, as detailed in the candidate profile, and summarising the evidence from their career which best demonstrates their qualifications for the job.
The closing date for applications is 5 June. Panel interviews are expected to take place in central London in summer 2019, and the successful applicant will take up their new job on 1 February 2020.
Details of Bank of England governor appointment