Bank of England launches governor search ahead of Carney’s departure

0 Mark Carney has been praised for his ‘steady hand’ The search for the next governor of the Bank of England has been launched to replace Mark Carney when he stands down next January.

Chancellor Philip Hammond praised Mr Carney’s “steady hand” in the role and said it was “vital” to find the right successor to ensure the ongoing strength of the economy. Mr Carney took up the post on 1 July, 2013 and will step down on 31 January, 2020, having extended his tenure twice.

Mr Hammond paid tribute to Mr Carney’s leadership.

The Chancellor said: “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 Treasury will employ a specialist head-hunter and said the recruitment process has been designed to ensure the “most qualified candidate is appointed from the broadest possible pool of applicants”.

It expects to hold interviews over the summer, for an autumn appointment. The next governor will be paid £480,000 a year – a salary that has remained at this level throughout Mr Carney’s tenure.

Mr Carney said in 2016 that he would stay for an extra year after his tenure ended – until June 2018 – but was then persuaded by Mr Hammond to extend his term by another seven months to help ease disruption from Brexit.

But the Canadian’s time at the helm has been marred over the past two years, with the governor and the Bank’s Monetary Policy Committee (MPC) coming under heavy criticism over their handling of communications surrounding Brexit. In particular, the Bank’s “doomsday scenario” report on Brexit led to accusations of collusion with the government and “implausible” forecasts.