Conservative Diary

« Stormed at with shot and shell, Nick Boles rides into planning's Valley of Death | Main | Spot the difference, Nick Clegg edition »

Want to be the next Governor of the Bank of England? Here's the job description...

By Peter Hoskin
Follow Peter on Twitter

Treasury Questions, in the Commons this afternoon, has delivered three articles of news:

i) George Osborne announced that the date of the next Autumn Statement will be 5 December, which actually puts it into winter.

ii) The Treasury is reorganising its senior management to better reflect the ministry's dual responsibility for economics and finance. Two "second permanent secretaries" have been appointed, one to oversee the economics half of that equation ("in particular growth, financial services, and infrastructure"), the other finance ("including public finance and international issues").

iii) For the first time ever, the post of the Governor of the Bank of England will be advertised — in the Economist, natch, later this week. Here's the text of the advert, so that you can get applying:

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.

As I've said before, George Osborne should consider how the position can be scrutinised more closely, whether by Parliament or otherwise. With Quanitive Easing, the Governor of the Bank of England is already behind this country's most radical economic policy, and that's before he gains greater powers over financial regulation. Quite some job.


You must be logged in using Intense Debate, Wordpress, Twitter or Facebook to comment.