Wanted: New Bank of England Boss

Updated: Sep 18, 2019

The government has launched the recruitment process for a new governor for the Bank of England.

The current governor Mark Carney will step down on 31 January 2020 after more than six years in the post. For the first time the government has hired a recruitment firm - Sapphire Partners - to help with the search.

The job description has been placed on the public appointments website. The annual salary is £480,000 - unchanged since 2013.

It states that candidates must be able to demonstrate the ability to lead "a complex and powerful financial institution".

Interviews will be held over the summer and the appointment will be made by the government in the autumn.

"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," the chancellor said in a statement.

With the Bank of England governor's job being crucial when it comes to our financial wellbeing, it is likely that approaches to candidates are already being made behind closed doors.

The chancellor has previously speculated that the ongoing uncertainty over Brexit might put off some applicants. But it's still a prime job - with a base salary of £480,000.

There's no shortage of potential internal candidates - such as Bank Deputy Governor Ben Broadbent or Chief Economist Andy Haldane.

Then there's former Deputy Governor Andrew Bailey, and former rate-setter Nemat Shafik.

But the use of a firm of headhunters for the first time implies the chancellor is keen for this to be a wide sweep of talent in what is, after all, the world's financial capital - and he is under pressure to consider more female candidates. And, as with the incumbent, the search could go beyond our borders.

Raghuram Rajan, a former head of India's central bank, is another name that's been touted. But given the current political situation, the next governor is almost certain not to hail from elsewhere in the EU.