25 Apr 2019
Britain’s finance minister Philip Hammond began the search for a new governor of the Bank of England to help steer the world’s fifth-biggest economy, and its global financial center, through the upheaval of Brexit.
Mark Carney, a Canadian, twice extended his term in charge of the British central bank as Brexit approached. But he has ruled out a further delay even though Britain’s departure from the European Union remains up in the air.
“We are looking, obviously, for a candidate of the highest caliber. As we leave the European Union it’s very important that the UK continues to play an important role in global fora,” Hammond told a parliamentary committee on Wednesday.
Carney, the first foreign governor in the BoE’s three-century history, took up his role on July 1, 2013, and will step down on Jan. 31 next year.
Potential candidates for the role which pays an annual salary of 480,000 pounds ($621,000) include former BoE deputy governor Andrew Bailey who is now chief executive of the Financial Conduct Authority, a markets regulator, and current top officials at the BoE including deputy governor Ben Broadbent and chief economist Andy Haldane.
By William Schomberg and David Milliken, Reuters, 24 April 2019
Read more at Reuters
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