Search starts for new Bank of England governor

Search starts for new Bank of England governor

Mark Carney will leave his post as governor of the Bank of England in January 2020, and the search for his successor has begun.

Chancellor Philip Hammond has posted the job advert for the role. The salary, £450,000, is the same as Mr Carney received when he joined the central bank in July 2013.

Last year Mr Carney extended his term as governor by seven months to help support Britain's exit from the European Union, but he has made clear this won't happen again. 

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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."

For the first time an executive search firm have been hired to help Mr Hammond in the recruitment process and ensure that a diverse range of candidates are available for the role.

The governor of the Bank of England chairs the monetary policy committee, the Bank of England's interest rate setting body, and other policy committees.

Among the likely candidates for the role are Andy Haldane, the bank’s current chief economist, Minouche Shafik, who is a former deputy governor of the Bank of England and currently works at the London School of Economics, and Raghuram Rajan, a former chief economist of the IMF and governor of the Reserve Bank of India until 2016.  

Interviews for the role will be held in the summer.