British finance minister Philip Hammond has fired the starting gun for the race ...
WASHINGTON - British finance minister Philip Hammond has fired the starting gun for the race to succeed Bank of England Governor Mark Carney, but concerns about Brexit may keep some potential contestants on the sidelines.
The chances are high that the Canadian’s successor was somewhere among the thousands of delegates at the International Monetary Fund’s half-yearly meeting last week, where Hammond told media the process for finding a new governor was “getting underway”. “There may be some candidates who might be deterred from an application because of the political debate around Brexit, which inevitably the governor of the Bank of England can’t avoid being part of,” Hammond said in Washington.Jacob Rees-Mogg last year labeled Carney a “wailing banshee” and a “failed second-tier politician” who gave unfairly negative forecasts of the economic impact of Brexit. Boris Johnson, when foreign secretary, was dismissive of BoE predictions of Brexit damage.
A formal job advert is likely to appear before long, and one key criterion is to be able to effectively represent Britain in international forums like the IMF. The BoE’s structure - with four deputy governors and a chief economist responsible for different areas of monetary policy and regulation - can potentially fill in gaps.
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