Sir Mervyn’s job set to be advertised

Julian Harris
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THREADNEEDLE Street’s top job will be publicly advertised for the first time in history at the end of this week, as the government kicks off its search for the next governor of the Bank of England.

Current Bank chief Sir Mervyn King steps down at the end of June 2013, and is not allowed to run for a third term.

The new man or woman will be granted a fixed eight-year term for the role, which pays over £300,000 per annum plus pension.

“The successful candidate must demonstrate that they can successfully lead, influence and manage the change in the Bank’s responsibilities, inspiring confidence and credibility,” the advert says. The new governor will head not only the Bank’s monetary policy, but crucially the wide-ranging new regulatory powers that it is set to adopt.

“An advanced understanding of financial markets and good economic knowledge” is necessary, the advert says. “He or she will be a strong communicator, have good interpersonal skills and will be a person of undisputed integrity and standing.”

Two senior Treasury civil servants will head the interview panel along with the chair of the Bank’s Court of Directors. The chancellor and Prime Minister will recommend their choice to the Queen. The Treasury Select Committee will “hold a pre-commencement hearing” with the proposed new governor.