Publish Bank of England Governor Shortlist, Lawmakers Tell Javid

Lucy Meakin

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A group of U.K. lawmakers are calling on Chancellor Sajid Javid to publish the shortlist of candidates to become Bank of England governor.

Naming those under consideration to replace Mark Carney is needed to improve transparency and public trust in the selection process, according to the 28 members of Parliament, who include figures from the opposition Labour Party, the Liberal Democrats and the Scottish National Party.

Carney is due to step down early next year and finding a successor is one of the most high-profile decisions facing Javid since his appointment in July. The recruitment process was launched under his predecessor Philip Hammond and an announcement was expected in the autumn.

However, Javid may wait until after Britain’s planned Oct. 31 departure from the European Union amid the political chaos engulfing the country. A potential snap election could disrupt the process even further.

“At a time of such political uncertainty, it is inadequate to allow this decision to be made by the chancellor behind closed doors,” the MPs’ letter said. “The country must be able to trust that the next governor is the best person for the job and will work in the public interest.”

Carney’s six-year tenure at the central bank has been marked by political wrangling, accusations of bias against Brexit and criticism of the BOE’s crisis response. His replacement looks set to face a similarly bumpy ride as Britain tries to reshape its economy outside of the EU.

Potential candidates include BOE insiders such as Andrew Bailey, the head of the Financial Conduct Authority, and Deputy Governor Ben Broadbent. But some high-profile figures -- such as former Reserve Bank of India Governor Raghuram Rajan -- have indicated that the political complexity surrounding Brexit made the job unappealing.

A YouGov poll conducted by campaign group Positive Money, which coordinated the letter, found fewer than one in five respondents trust Javid to appoint the right person for role.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Andrew Atkinson, David Goodman

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