Former Nationwide chairman David Roberts has emerged as the frontrunner to lead the Bank of England’s oversight board.
Roberts is being heavily considered for the chairmanship of the Court of the Bank of England, according to Sky News.
The role is one of the most influential posts in British finance, with the court acting as the governing body for the central bank.
It is a particularly key position in the current economic climate, as the Bank of England looks to tackle runaway inflation that threatens to dump the UK into a recession.
Its governor, Andrew Bailey, has faced sustained criticism for failing to tackle rising inflation proactively and at an earlier stage – leading to more economic pain for households amid an escalating cost of living crisis.
It was unclear yesterday if any other candidates remained in contention for the post, or whether the process of selecting a new chair had been disrupted by the continued political turbulence in Westminster.
Roberts has enjoyed an extensive career in Britain’s financial sector.
He left Nationwide earlier this year, having also served on the board of Lloyds Banking Group and as a long-serving executive at Barclays.
His other boardroom experience includes the vice-chairmanship of NHS England.
Currently, he is the chairman of Beazley, the insurer.
If he does land the central bank job, Roberts may be obliged to step down from Beazley – to avoid conflicts of interest.
Bradley Fried, who has chaired the Court since 2018, is due to step down from the £48,000-a-year post imminently.