Bank hunt will start in autumn

The search for the next Bank of England governor will not formally start until the autumn, George Osborne said yesterday. The chancellor has come under pressure from the Treasury Select Committee to set out how and when it will choose Sir Mervyn King’s replacement. "There will be a proper process for appointing the next governor," Osborne said in a statement released to reporters at the spring meeting of the International Monetary Fund in Washington. "But that has not begun and will not until the autumn." King's second and final five-year term ends at the end of June next year. Names in the frame include Bank deputy governor Paul Tucker, FSA chairman Lord Turner and former civil service head Gus O’Donnell.