The panel and the candidates know each other. It makes the task of interviewing them harder.

Former Treasury official Grant Lewis comments on the challenge facing the chancellor as he finds out today who has applied to be the next Governor of the Bank of England. Interested parties were invited to reply to an advert in the economist magazine in September – the first time the job had ever been advertised. Candidates will be judged by an interview panel chaired by permanent secretary to the Treasury Sir Nicholas Macpherson.  Bank of England Deputy Governor Paul Tucker, Financial Services Authority Chairman Adair Turner and Independent Commission on Banking Chairman John Vickers are among favourites to succeed Sir Mervyn King in June.