Philip Hammond has fired the starting pistol on the government’s search for a new Bank of England governor to replace the central bank’s current boss Mark Carney.
The advert was posted on Wednesday morning with an annual salary of £480,000, the same as in 2013 when Mark Carney was appointed although the Canadian also received a generous housing allowance of a little over £250,000 a year.
The chancellor is seeking a candidate with the calibre to turn heads and make people sit up and listen in international meetings, he has told journalists although he said this month he worried that vicious politics surrounding the Brexit process might deter some suitable candidates.
“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 centre,” Mr Hammond said in a statement.
The process will be overseen by an executive recruitment company for the first time to ensure that all options were explored and the government had properly considered diversity issues.
Candidates have six weeks to apply with interviews scheduled for the summer and an autumn announcement to give the successful applicant sufficient time before starting the role on at the start of February 2020. There is no chance Mr Carney will extend his tenure again, Treasury officials said.
The advert signalled the government’s ambitions: “Potential candidates will have substantial experience of working at the most senior level in a major bank or other financial institution or of working in, or involvement with, central banking,” it said.