Today (24 April) the Chancellor will announce the start of the
process to appoint the next Governor of the Bank of England.
The current Governor, Mark Carney, took up the role on 1 July
2013 and will step down on 31 January 2020.
The 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.
“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.”
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.
As with all Treasury appointments, the recruitment process for
the next Governor has been designed to ensure that the most
qualified candidate is appointed from the broadest possible pool
of applicants.
Notes to editors
- The Chancellor will be giving evidence before the Treasury
Select Committee from 0915 and is expected to speak about the
beginning of the appointment process
The recruitment process
- The job description is attached and will go live on the
Public Appointments website in the course of the
morning.
- The Office of the Commissioner for Public Appointments (OCPA)
regulates and provides guidance on how ministers make
appointments to the boards of national and regional public
bodies. The appointment of the Governor is not OCPA regulated.
However, the Treasury will follow OCPA guidance wherever possible
to make sure that the highest levels of transparency, rigour and
scrutiny are maintained throughout the process.
- The Treasury will be using a specialist executive search
agency to ensure we find the best qualified appointee from the
widest, most diverse pool of candidates possible.
- We expect interviews to be held over the summer, with the
appointment being made in the autumn.
The role
- The Governor’s salary is £480,000 p.a. It has been at this
level since 2013.
- The Banking Act 1998 (as amended by the Financial Services
Act 2012) set the term of a Bank of England Governor at 8 years.
