Britain's finance minister Philip Hammond began the search for a new governor of the Bank of England on Wednesday, seeking someone 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 the country heads for an exit from the European Union. But he has ruled out a further delay even though Brexit remains up in the air.
He said he hoped to make an appointment in October, with the new governor starting in February 2020. He said his preference was to hire someone for an eight-year term, although he would consider deviating from this for an exceptional candidate.Hammond thanked Carney for helping to lead the U.K. economy through"a challenging period and we are now seeing stable, low inflation and the fastest wage growth in over a decade".
"We know from the experience of the previous crisis that it is through cooperation between central banks that we ensure stability ... therefore it's very important that as well as having someone who can do a first-class job at home, we have someone who commands respect in the international arena," Hammond said on Wednesday.
Potential candidates 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.
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