UK launches search for new Bank of England governor
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It’s one of the biggest jobs in the UK, responsible for setting interest rates and helping the economy navigate the rapids of political and financial crises at home and abroad.
And this morning, the race to become the next Bank of England governor formally began. With Mark Carney scheduled to leave at the end of January 2020, the government is looking for an top-notch replacement to run the UK’s central bank.
The Chancellor of the Exchequer, Philip Hammond, fired the starting gun this morning, saying:
“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.
“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.”
Cue a flurry of speculation about likely candidates.
Will Britain look abroad again, or choose a domestic candidate to follow Canadian Carney? Will the Treasury favour an experienced hand, perhaps one (like Carney) who’s already run a central bank? Or perhaps a rising star from within the BoE, or beyond?
More to follow….
Also coming up today
Hammond is testifying to the Treasury committee this morning, on last month’s Spring Statement. He’ll also field questions on the Bank of England governorship, and might drop some clues about the sort of candidate he’s after.
We also find out whether Britain’s public finances continued to improve, with new borrowing figures for March out this morning.
And Wall Street could be buzzing later, after the S&P 500 closed at a new all-time high last night.
- 9.15am BST: Philip Hammond testifies to Treasury Committee
- 9.30am BST: UK public finances for March released
- 3pm BST: Bank of Canada interest rate decision