Women in the running as hunt begins for next Bank of England Governor

Jonathan Prynn

Philip Hammond today kicked off the search for a successor to Bank of England Governor Mark Carney with the appointment of headhunters specialising in recruiting senior women.

The 121st head of Britain’s central bank will take over at the start of February next year and inherit one of the most powerful posts in public life outside Downing Street.

Applications have to be in by June 5 with interviews over the summer and an appointment expected to be announced in October. Early favourites for the job included Andrew Bailey, the chief executive of City watchdog the Financial Conduct Authority, and LSE director Dame Minouche Shafik.

Canadian-born Carney was the first foreigner to become Governor when he took on the role in July 2013 and has twice postponed his departure to help steer the economy through the turmoil of Brexit.

Stepping down: Mark Carney (PA)

Today the Chancellor told the Treasury select committee that the Government would be looking for a candidate “of the highest calibre” to serve an eight-year term.

He added: “The Governor of the Bank of England plays a very significant role in the international discussions between central bank governors and it is very much in our interests that we have someone who is recognised and respected at the highest levels of the international central bank circuit.”

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Andrew Bailey

The 60-year-old chief executive of the Financial Conduct Authority is a Bank veteran who is a former deputy governor and also served as chief cashier.

He would be seen as the “safety first” choice as a successor .

Dame Minouche Shafik

The Egyptian-born director of the London School of Economics was the Bank’s deputy governor of markets and banking from 2014 to 2017. The 57-year-old has worked in senior positions at the World Bank and the IMF.

Baroness Vadera

An ex-City investment banker, Ugandan-born Shriti Vadera, 56, served as a minister under Gordon Brown during the financial crisis, with a key role in putting together the banking bail-out. She has chaired the UK arm of Santander since 2015.

Ben Broadbent

The former member of the interest rate-setting Monetary Policy Committee has been a deputy governor since 2014. The 54-year-old is an ex-Treasury adviser and a senior economist at Wall Street investment bank Goldman Sachs.

Andy Haldane

A Bank “lifer” who started his career at Threadneedle Street in 1989 and now serves as chief economist. Educated at a Leeds comprehensive and Sheffield and Warwick universities, the 51-year-old is seen as a “free thinker”.

The next Governor will be paid a base salary of £480,000, the same level paid to Mark Carney since 2013. However, he also had a housing allowance and pension contributions that took his total package to £881,574 last year.

The search will be led initially by Soho-based recruitment firm Sapphire Partners, which describes itself as “champions for women” and specialises in “securing female talent”. There has never been a female Governor. Earlier this year Sapphire secured former Ofcom head Dame Colette Bowe and Virgin Money UK boss Dame Jayne-Anne Gadhia as external members of the Bank’s Financial Policy Committee.