Mark Carney's replacement as governor of the Bank of England will earn £480,000 a year and be expected to oversee the UK's economic stability during Brexit
Mark Carney, governor of the Bank of England (Credit: Bank of England)
The UK Treasury has opened a recruitment drive to find a successor to Mark Carney as the new boss of the Bank of England.
Mr Carney has been governor of the UK central bank since 2013, but is due to step down in January 2020.
The position at the head of the UK’s top financial institution carries a great deal of responsibility and public scrutiny and, as the country continues to look for a suitable resolution to its withdrawal from the EU, the new appointment will play a significant role in overseeing future economic stability.
Chancellor of the Exchequer Philip Hammond 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.”
Recruitment firm Sapphire Partners, which bills itself as an advocate for women in business, has been brought in to help steer the hiring process, sparking speculation that a female appointment could be favoured by the government.
What will be expected of Mark Carney’s successor?
The role of governor at the Bank of England assumes a range of responsibilities, not least chairing the institution’s three major policy committees – the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Committee.
The new appointment will play a pivotal role in controlling all aspects of the bank’s operations, from setting financial policy to supervising business strategies and workplace culture.
They will also be the public face of the UK financial system, required to appear frequently before the UK Parliament and its Treasury Select Committee, as well as representing the bank in the media and on the international stage.
The job description posted on the government website calls for candidates able to demonstrate a capability to “lead, influence and manage a complex and powerful financial institution”, as well as being able to inspire “confidence and credibility” within the bank, financial markets and the wider public arena.
The successful applicant will commit to an eight-year tenure beginning next January when Mr Carney steps down, and will receive a yearly salary of £480,000.
Mark Carney has overseen a difficult economic period in the UK
Mr Carney, who was born in Canada, took the top job at the Bank of England in 2013, succeeding his predecessor Mervyn King, and becoming the first non-Briton to be appointed to the role.
During his tenure he has been responsible for stabilising the UK financial system in the aftermath of the 2008 financial crisis, as well as dealing with the economic impact of the 2016 EU Referendum.
Speaking of the outgoing Bank of England boss, Mr Hammond added: “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.”