COMMONS

Appointment of new Bank of England Governor to be confirmed

18 September 2019

Rt Hon. Philip Hammond MP, former Chancellor of the Exchequer, wrote to the Treasury Committee in April 2019 to set out the timetable for the appointment process for the recruitment of the next Governor of the Bank of England.

In the letter, Mr Hammond stated that the application window for the role ran through to 5 June 2019, with the appointment expected to be made “at some time in the autumn”. The current Governor, Mark Carney, has announced that he will stand down on 31 January 2020. The next Governor’s term is expected to begin on 1 February 2020.

It has been reported today that the appointment of the next Governor may be delayed, and that Mr Carney may be asked to extend his service beyond 31 January 2020.

Interim Chair's comments

Catherine McKinnell MP, Interim Chair of the Treasury Committee, has written to Rt Hon. Sajid Javid MP, Chancellor of the Exchequer, to confirm whether the timetable set out by Mr Hammond in his letter to the Treasury Committee is still correct.

Commenting on the correspondence, Ms McKinnell said:

“The previous Chancellor told this Committee to expect the next Governor of the Bank of England to be announced this autumn. It has been reported that the appointment may be delayed, perhaps due to Brexit and an impending election.

“The Treasury Committee plays a vital role in scrutinising this appointment. The Committee will send the new Governor a written questionnaire to provide an opportunity for him or her to set out their experience and views relevant to the role. Their response will help to ensure effective scrutiny at the subsequent oral hearing, ahead of the new Governor taking up the role.

“For this process to be effective, the Committee will need to send the new Governor the questionnaire in good time for him or her to provide considered replies, and for the Committee to review them.

“The Committee has asked the current Chancellor to confirm whether the timetable set out by the previous Chancellor still holds true. If not, the Chancellor should set out the new timetable immediately.”

Further information

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