Process to hire new Bank of England governor has not been delayed, says Javid

Sajid Javid (Photo by Dan Kitwood/Getty Images)
Sajid Javid (Photo by Dan Kitwood/Getty Images)

THE process to appoint the next Bank of England governor remains on track, and parliament will have time to scrutinise the new appointment before Governor Mark Carney steps down, chancellor Sajid Javid said in a letter released on Tuesday (8).

Javid’s predecessor, Philip Hammond, said the appointment would be made this autumn, but members of parliament’s Treasury Committee wrote to Javid last month with concerns that the process had become delayed.

“You asked for an update on this important recruitment process. It is on track. In terms of the appointment itself, we will make an announcement in due course, ahead of the start of the next Governor’s term on 1 February 2020,” Javid wrote to the committee in a letter released on Tuesday.

The Treasury Committee typically questions senior BoE staff before they take office, and although it lacks a formal veto, it can pressure officials to step down, most recently with BoE chief operating officer Charlotte Hogg.

“I would like to assure you that the Committee will have the opportunity and time to scrutinise the successful candidate after the appointment has been made but before the individual has taken up the role,” Javid wrote.

Canadian Carney is due to end his posting in London at the end of January.

Among those rumoured to be in the race for the job are Baroness Shriti Vadera, chair of Santander UK and Indian Raghuram Rajan, who was previously the governor of the Reserve Bank of India