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Contenders vying for top job at Bank of England
LONDON, Oct 16, 2019 (BSS/AFP) – Departing Bank of England governor Mark
Carney insisted Tuesday that there is sufficient time to hand over to his
successor, despite Brexit chaos.
Canadian Carney, 54, leaves his role on January 31 having extended his
tenure twice on turmoil over Britain’s looming exit from the European Union.
“The commitment is to have an orderly transition from myself to the next
governor. There is ample time in order to accomplish that,” Carney said.
Here is a list of the potential candidates amid speculation that his
successor could be the institution’s first female chief.
– Minouche Shafik –
Egypt-born Shafik served as a deputy governor at the Bank of England
between 2014 and 2017.
She was also the youngest vice-president in the history of the World Bank
at 36 years old, and spent a total of 11 years at the institution.
The Oxford-educated economist has also been director of the prestigious
London School of Economics since 2017.
– Shriti Vadera –
Baroness Shriti Vadera, a former investment banker, was also a business
minister at the time of the notorious 2008 global financial crisis.
She served in then-Prime Minister Gordon Brown’s Labour government between
2007 and 2009.
Uganda-born Vadera has been chairwoman of Santander UK since March 2015,
making her one of the few women to lead a major UK bank.
– Andrew Bailey –
Bailey was formerly a deputy governor of the BoE between 2013 and 2016,
having first joined the central bank back in 1985.
He currently heads the Financial Conduct Authority regulator.
The Times daily newspaper reported in June that Bailey was the favourite
owing to his extensive experience inside and outside the BoE.
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– Helena Morrissey –
Dame Helena Morrissey resigned from Britain’s biggest asset manager Legal
& General earlier this month, sparking speculation she could make a run for
the top BoE post.
Vocal Brexit supporter Morrissey is a mother of nine children and also
founded the “30% Club” pressure group, which campaigned for at least 30-
percent female representation on FTSE 100 boards.
– Gerard Lyons –
Brexit-supporting Lyons was a former economic advisor to Boris Johnson
when he was Mayor of London.
He has served at a variety of banks since the 1980s, and was chief
economist at emerging markets lender Standard Chartered between 1999 and
2012.
However, reports suggest Lyons is an outsider to replace Carney.
– Jon Cunliffe –
At 66 years of age, Sir Jon Cunliffe is the oldest of the likely
contenders.
He was appointed a BoE deputy governor in 2013 with specific
responsibility for financial stability, and for supervision and oversight of
financial market infrastructure.
Sir Jon held a series of senior government posts and served as second
permanent secretary to the Treasury between 2002 and 2007.
– Ben Broadbent –
Broadbent has been a deputy governor since 2014 and was formerly an
external member of the bank’s rate-setting monetary policy committee from
2011.
The former Goldman Sachs economist is now tasked with overseeing the BoE’s
International macroeconomic strategy and analysis.
Broadbent was forced to apologise last year for declaring that the British
economy was “menopausal” after passing its productive peak.
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