As well as the usual rhetorical barbs between Messrs Balls and Osborne, today’s Treasury questions featured two significant announcements from the Chancellor. Firstly, that the autumn statement will take place on the unexpectedly late date of 5 December (presumably so Osborne has enough time to prepare his excuses), and secondly, that the process of finding a replacement for Mervyn King as governor of the Bank of England will begin this week. Osborne told MPs that “For the first time in history, the post will be advertised and the advertisement will appear in the press later this week”.
This week’s edition of the Economist will feature the advert, and a panel chaired by Nicholas Macpherson, the Treasury permanent secretary, will interview shortlisted candidates before recommending a name, or names, to Osborne,
So, for Staggers readers with a keen interest in monetary policy, here’s said advert. And before you apply, be sure to read David Blanchflower’s verdict on King’s time at the helm. “A tyrant looks to his own advantage rather than that of his subjects and uses extreme and cruel tactics,” the NS economics editor and former MPC member wrote, “which pretty much sums up how I feel Mervyn King has run the Bank of England in his role as governor since 2003.” If you think you can do better than Mervyn, you have until 8:30 am on 8 October 2012 to get your application in.
The position of Governor of the Bank of England will fall vacant when Sir Mervyn King retires in June 2013. The Governor leads the Bank of England, and plays an important role in setting monetary and regulatory policy, chairing the Monetary Policy Committee, the Financial Policy Committee and (from next year) the board of the Prudential Regulation Authority. The Governor represents the Bank in important international fora, such as the G7, G20, the European Systemic Risk Board and the Bank of International Settlements in Basel. The Governor is an executive member of the Bank’s Court of Directors.
The Governor will work closely with the Chancellor of the Exchequer and H M Treasury, which is responsible for setting the framework under which the Bank operates.
The new Governor will lead the Bank through major reforms to the regulatory system, including the transfer of new responsibilities that will see the Bank take the lead in safeguarding the stability of the UK financial system.
The successful candidate must demonstrate that they can successfully lead, influence and manage the change in the Bank’s responsibilities, inspiring confidence and credibility both within the Bank and throughout financial markets.
The successful candidate will have experience of working in, or with, a central bank or similar institution; or will have worked at the most senior level in a major bank or other financial institution. He or she will demonstrate strong leadership, management and policy skills; will have an advanced understanding of financial markets and good economic knowledge. He or she will be a strong communicator, have good interpersonal skills and will be a person of undisputed integrity and standing.
The closing date for all applications is 8:30 am on 8 October 2012.