The current Governor of the Bank of England, Mark Carney, will step down from his role on 31 January 2020. Mr Carney had been due to step down earlier but agreed to stay in his role to help support a smooth exit from the European Union. Although this has not yet happened, the Chancellor has confirmed that Mr Carney will step down in January 2020 as planned, and the search for a new Governor of the Bank of England has been launched.
The Chancellor of the Exchequer, Philip Hammond, said:
'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 appointment of Mr Carney was the first time the position of Governor was held by a foreigner since the Bank of England was founded in 1694. The recruitment net for the next Governor has been designed to ensure that the most qualified candidate is appointed from the broadest possible pool of applicants.
The new role has been advertised on the Cabinet Office public appointments website and potential candidates have been informed that they should be able to commit to an eight-year term.