Treasury drawing up job ad for new Bank of England boss as Carney heads for exit

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The Treasury is putting the finishing touches to a job advert for the next Bank of England Governor as it prepares the ground for Mark Carney’s successor.

The Canadian is due to step down next June after six years in the role and the Press Association understands that Chancellor Philip Hammond’s team is now working on the final wording of the job description.

The position will be advertised on the Public Appointments website, with the position likely to demand an in-depth understanding of Britain’s economic predicament in light of Brexit.

The advert is also expected to feature in a financial publication, having previously run in outlets like The Economist.

Candidates will be asked to send through a full CV and covering letter when applying for the role.

The posting is expected to be up by the end of September, though a firm date has yet to be set.

Open Forum 2015
Former Bank of England deputy governor Minouche Shafik is among the rumoured candidates to be Mark Carney’s replacement (Philip Toscano/PA)

Mr Carney announced in late 2016 that he would stay in his post until the end of June 2019, opting against a full eight-year term.

It means he will stay on for three months after Britain formally leaves the European Union in March next year, leaving his successor to navigate the aftermath of the EU divorce.

The Governor plays a key role in setting monetary policy and regulation, and serves as chairman of the interest rate-setting Monetary Policy Committee, the Financial Policy Committee and Prudential Regulation Committee.

Among the rumoured contenders are Financial Conduct Authority chief executive Andrew Bailey, as well as Minouche Shafik – a London School of Economics director and former Bank of England deputy governor.

Former Reserve Bank of India governor Raghuram Rajan and Ofcom chief executive Sharon White have also been listed as runners and riders, with the latter having previously served as second permanent secretary at the Treasury and a senior economist at the World Bank.

Deputy governor Ben Broadbent is still seen as a potential candidate, despite having been forced to apologise earlier this year after controversially describing the UK economy as “menopausal”.

Brexit is expected to feature prominently in the job description (Stefan Rousseau/PA)

But whoever follows in Mr Carney’s footsteps will be scrutinised for how they navigate the post-Brexit landscape and whether the gradual upward move for interest rates will be maintained.

The outgoing Governor controversially cut rates to historic lows of 0.25% in August 2016 and launched further monetary stimulus to help stave off an economic slump in the wake of the Brexit vote.

But with some signs of economic recovery afoot, the Bank’s interest rate setting Monetary Policy Committee earlier this month raised interest rates to 0.75%, their highest level in a decade.

The Bank is currently forecasting that the UK economy will grow by 1.8% in 2019 and 1.7% in 2020.

Mr Carney became the Bank’s Governor in 2013, succeeding Mervyn King and becoming the first non-Briton to hold the post.

He previously served as Governor of the Bank of Canada from 2008 and was widely credited with helping the Canadian economy withstand the shock of the financial crisis.

It followed a stint in the Canadian government, having been senior associate deputy minister of finance and served both Liberal and Conservative administrations, all of which came after a 13-year career with Goldman Sachs.

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