UK Finance Minister Philip Hammond started the search for a new governor of the Bank of England on Wednesday, requiring the assistance of someone to direct the fifth-largest economy in the world, and the global financial center, through the disruption of Brexit. A Canadian, Mark Carney extended second time his period in accusation of the British central bank as the country led for the exit from the European Union. But he has prevented a further delay even though Brexit remains up in the air.
Hammond claimed in a statement, “ 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 center”.
Carney played his role on 1st July 2013 and will leave the responsibility on 31st January, in 2020. Hammond conveyed thanks Carney for assisting to boost the UK economy in a “ challenging period and we are now seeing stable, low inflation and the fastest wage growth in over a decade.”
Earlier, Hammond said, this month he expected that worries about Brexit would not warn the potential applicants for a role with an annual salary of 480,000 pounds and a term of eight years.
The recruitment proceeding has been framed to ensure that the most eligible candidate is hired from the extensive possible pool of applicants, according to the finance ministry.
Potential candidates involve former Boe Deputy Governor Andrew Bailey who is now Chief executive of the Financial Conduct Authority, a marketing regulator and the current top personnel at the BoE including Deputy Governor Ben Broadbent , as well as Chief economist Andy Haldane.
At the International Monetary Fund the Chief economist, Raghuram Rajan was governor of the Reserve Bank of India from 2013 to 2016.