The Bank of England has started looking for the next Governor as Mark Carney will step down on January 31, 2020. The hunt for the new Governor was announced by Chancellor of the Exchequer Philip Hammond on Wednesday. Mr Carney, who oversees the Bank of England’s three main policy committees, one of which sets interest rates, has been in the post since July 2013.
Mr Hammond said on Wednesday: “In today’s rapidly evolving economy the role of Governor is more important than ever.
“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 as Governor for the Bank of England offers a remuneration of £480,000 a year.
Candidates must be able to lead a “complex and powerful financial institution.”
READ MORE: GBP/EUR slips as Carney talks of Brexit ‘economic shock’
Bank of England governor: BoE has started its search for Mark Carney’s replacement
Who could be the next governor of Bank of England
Below are the seven candidates tipped to replace Mark Carney. All odds from Betfair.
Andrew Bailey – odds at 8/13
Andrew Bailey is the frontrunner as the race for the Bank of England’s next Governor begins.
Mr Bailey is the chief executive of the Financial Conduct Authority and a former Bank deputy Governor.
The 60-year-old has been described as the “strongest of the internal candidates” by former Monetary Policy Committee member Andrew Sentance.
Bank of England: Andrew Bailey is currently the favourite to replace Mark Carney as Governor
Raghuram Rajan – odds at 4/1
Raghuram Rajan is seeing the second best odds of becoming Mark Carney’s replacement.
Mr Rajan is a former Bank of India governor and a top economist who warned a financial crisis was looming in 2005.
There is one problem, however – Mr Rajan has said he does not want the job.
Bank of England: Raghuram Rajan could be the next Governor
Sir Dave Ramsden – odds at 11/2
Dave Ramsden is also a popular choice among punters being the Deputy Governor for Markets and Banking for the Bank of England.
Mr Ramsden is a member of the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Committee as well as the Chair of the RTGS/CHAPS Board.
Jon Cunliffe – odds at 8/1
Sir Jon Cunliffe is the Bank’s Deputy Governor for financial stability and is considered the ultimate insider who knows his way around Whitehall.
In the 1990s Mr Cunliffe helped set the Government’s interest rate police before Gordon Brown made the Bank of England independent.
Bank of England: Current Governor Mark Carney will step down on January 31, 2020
Ben Broadbent – odds at 10/1
Ben Broadbent is a former Goldman Sachs banker and is strong on technical point-scoring.
However, Mr Broadbent has not stated he wants the job as the new Governor for the Bank.
Last year the banker caused a political storm after he called the economy “menopausal” – a metaphor he said was for economies that were “past their peak and no longer so potent”.
Shriti Vadera – odds at 14/1
Shriti Vadera is the chairwoman of Santander UK.
She arrived in the UK as a child after fleeing Uganda and ended up studying politics, philosophy and economics at Oxford University.
Until September 2009, she was a government minister jointly for the Department for Business, Innovation and Skills and the Cabinet Office.
Andy Haldane – odds at 16/1
Andy Haldane is the chief economist and the Executive Director of Monetary Analysis and Statistics at the Bank of England.
Having him as Mark Carney’s replacement could cause carnage between the two after they clashed over the Bank’s policies and the stance on monetary policy Mr Haldane adopted after the Brexit vote.
Dame Minouche Shafik – odds at 16/1
Dame Nemat Talaat Shafik, more commonly known as Minouche Shafik, served as the Deputy Governor of the Bank of England from 2014 until she resigned in September 2017.
She was responsible for reshaping the Bank’s operations and balance sheet, including risk management practices and leading the design and execution of quantitative easing by the MPC.
Born in Egypt she was named “GG2 Woman of the Year” at the 11th Annual GG2 Leadership & Diversity Awards in 2009.