Philip Hammond, the chancellor of the United Kingdom, has announced the launch of the process to appoint the next governor of the Bank of England.
Mark Carney, the outgoing governor has been in the role since 1 July 2013. He is set to step down on the 31st of January 2020. The United Kingdom was originally scheduled to leave the European Union on the 29th of March this year, however, that date has been delayed until at least the 31st of October 2019.
In a statement, Hammond, stated: “In today’s rapidly evolving economy the role of Governor is more important than ever.”
He added: “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 of the BoE governor includes chairing the three main policy committees of the central bank, which oversee financial, prudential, and monetary policy in the United Kingdom. The governor will also represent the central bank internationally, including at the G20, G7, International Monetary Fund, and the Bank for International Settlements.
Politicians in the United Kingdom have urged the Bank of England to work harder to appoint a woman.
Rachel Reeves, a Labour MP who is the chairperson for the business select committee and who was an economist at the Bank of England prior to becoming a politician stated: “We’ve had two women prime ministers and yet have had no women chancellors or Bank governors.”
She added: “The sad truth is that the Bank has not done enough to recruit, train and promote talented women. More needs to be done to bring forward a generation of women economists who can be considered for the top job.”
So far, the front runners for the said position are men. Some analysts anticipate that the most likely successor is Andrew Bailey, the former deputy governor of the BoE. Dave Ramsden and Ben Broadbent, deputy governors for markets and banking, and for monetary policy respectively, are also considered as front runners.
The Bank of England meanwhile has a diversity problem. This week, the central bank admitted that it is still not on track to meet its diversity targets for senior posts by 2022.
The current strategies to make the bank more reflective of modern Britain seem unlikely to achieve one key aim, which is to ensure that 13 percent of senior figures are from black and minority ethnic (BAME) backgrounds by 2022.