Bank of England governor Mark Carney to step down as hunt for replacement begins

24 April 2019
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The Chancellor of the Exchequer Philip Hammond has announced that the search for a new governor has begun.

Mr Carney, who oversees the Bank of England's three main policy committees, one of which sets interest rates, will leave the post on 31 January 2020. 

The governor has been in the post since July 2013, and had his tenure extended by the Treasury to 2020 in order to help support a “smooth exit” from the European Union.

The Chancellor of the Exchequer, Philip Hammond MP, comments: “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.”

The role will be publicized on the Bank of England public appointments website. The role offers a remuneration of £480,000 a year.

Candidates must be able to lead a “complex and powerful financial institution.”

Of the current governor, Mr Hammond says: “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.”

Mr Carney oversaw the first increase in interest rates since the financial crisis, increasing the rate by 0.25% to 0.5% in November 2017.

This followed a cut to the bank rate in the aftermath of the EU referendum in 2016 when it was  cut to a record low of 0.25%.

The rate currently stands at 0.75%, which was raised above 0.5% in August 2018, the first time it rose above this level since the financial crisis in 2009.

 

Comments

In reply to by anonymous_stub (not verified)

Will it say must be a supporter of Remain and Hammond.

In reply to by anonymous_stub (not verified)

Another high flyer gets out just in case the finger gets pointed if things go wrong, bet he meets dodgy Dave.

In reply to by anonymous_stub (not verified)

Good ridens. He engineered Canada's explosive rise in property which is now collapsing pectacularly. He has managed the same in the UK. Jumping ship before it sinks.

In reply to by anonymous_stub (not verified)

Good riddance. Closet Brexit remainer and May/Hammond mouthpiece for Project Fear. What a wimp! Grow a pair and get back where you belong Canuck.

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