Member Article

Bank of England governor job open for applications

The governor for the Bank of England’s job will be publicly advertised for the first time ever this Friday.

Chancellor George Osborne addressed parliament today, and said that Sir Mervyn King’s position will be advertised when he leaves after two terms in the post.

Mr Osborne said Sir Mervyn had been an “outstanding governor” and the replacement process would be a “fair and open competition”.

It was announced that a replacement will be found by end of year, after it is advertised in the Economist magazine and on a Government recruitment website later this week, with an application deadline of the 8th October.

Sir Mervyn is due to retire in June 2013 after spending a total of 10 years as governor, while his successor will take on a single eight-year term.

The new governor will take on further responsibilities for financial stability and regulation as well as monetary policy, in a position which is usually appointed by the Queen.

Candidates are expected to be interviewed by leaders from the Treasury and the Bank of England, and will face an interview panel from parliament’s Treasury committee before Mr Osborne reviews the applicants.

This was posted in Bdaily's Members' News section by Miranda Dobson .