08th October 2019

Chancellor tells Treasury Committee that timetable to appoint new Bank of England Governor “is on track”

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.

Following reports last month 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, Catherine McKinnell MP, Interim Chair of the Treasury Committee, wrote 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.

The Treasury Committee has today published the Chancellor’s response (attached). In the letter, the Chancellor states:

“You asked for an update on this important recruitment process. It is on track. In terms of the appointment itself, we will make an announcement in due course, ahead of the start of the next Governor’s term on 1 February 2020.”

Commenting on the correspondence, Ms McKinnell said:

“The Chancellor has said that the timetable to appoint the new Governor of the Bank of England, who will take office on 1 February 2020, is on track.

“As the Treasury Committee has a vital role to play in scrutinising this appointment, the Chancellor’s assurance that we will have the opportunity and time to scrutinise the successful candidate before they take up their role is welcome.”

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