Treasury on hunt for new Bank of England chief as post is advertised for the first time

| September 15, 2012 | 0 Comments

By
Hugo Duncan

07:06 EST, 15 September 2012


|

07:06 EST, 15 September 2012

The race to succeed Sir Meryvn King as Governor of the Bank of England started yesterday as the job was advertised for the first time.

The Treasury placed an advertisement in The Economist searching for ‘a person of undisputed integrity and standing’ – a reference widely seen as ruling out any bankers tarnished by recent scandals.

The closing date for applications is October 8 and the Queen will appoint the new governor on the recommendations of the Prime Minister and the Chancellor before the end of the year.

Looking for a Governor: The Treasury is on the hunt for someone to replace Sir Mervyn King at the Bank of England

Looking for a Governor: The Treasury is on the hunt for someone to replace Sir Mervyn King at the Bank of England

The successful candidate will take over from King when he retires at the end of June next year after a decade in the job – becoming the most powerful unelected official in the country.

The Bank is being handed sweeping powers to police the City of London and regulate the British banking system on top of its job to set interest rates and control inflation.

Former chancellor Alistair Darling said it was a ‘huge job’ and will require ‘something of a superhuman’.

Bookmaker William Hill installed King’s deputy Paul Tucker as the 7/4 favourite.

Other contenders include Bank of Canada governor Mark Carney, Lord Turner, chairman of the Financial Services Authority, and former Cabinet Secretary Lord O’Donnell.

Filed Under: finance news

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