Business

Bank of England to get new chief after election

By: Radhakrishna N S

BRITAIN’S government will not name a successor to Bank of England Governor Mark Carney before a national election due on December 12, a finance ministry official said.

Earlier on Thursday (31), a spokesman for prime minister Boris Johnson said the process for the appointment remained on track to be made this autumn.

The BoE’s current governor, Mark Carney, is due to leave the central bank on January 31, which is also the latest deadline for Britain to leave the European Union.

By convention, British governments do not make major appointments in the run-up to elections.

A BBC reporter, Simon Jack, said on Twitter he had been told that former BoE deputy governor Minouche Shafik was the government’s preferred candidate to run the central bank.

On Tuesday (29), broadcaster ITV’s political editor Robert Peston said another former deputy governor, Paul Tucker, was rumoured to be favoured.

Chancellor of the Exchequer Sajid Javid said earlier this month that he was looking for an independent-minded new BoE governor.

The finance ministry has declined to comment on speculation about who is in the frame for the position.

(Reuters)