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Andrew Tyrie: Consider ‘widest possible spectrum’ for Bank governor job

Andrew Tyrie 480

Treasury select committee chair Andrew Tyrie has called on the Government to consider the “widest possible spectrum” of applicants when appointing a new Bank of England governor.

Speaking at a CityUK fringe event at the Conservative conference in Birmingham last week, Tyrie said the Government should cast a wide net.

The Government has been inviting applications for the post and says it will make an appointment by the end of the year. The application deadline closed on October 8 and the successful applicant will take up the role on 1 July.

This is the first time the Government has publicly advertised for the position, with notices appearing in the Economist and on the Public Appointments website.

Tyrie said: “It is very important that the Government and chancellor should have the opportunity to choose from the widest possible spectrum of applicants and that should include people who may be non-nationals.

“We just want the best possible person for a very difficult job. The person will need to have a grip on the biggest single task of the next few years to make a success of the Financial Policy Committee and Prudential Regulation Authority.”

Tyrie repeated calls for the Government to accept a TSC pre-appointment hearing for the next governor.

He said: “In order to conduct that role they will need a higher level of legitimacy and moral authority with the electorate than previously. The governor will be acting very directly on people’s interests through possible things like loan-to-value ratios on mortgages.”

Treasury economic secretary Sajid Javid said: “It is a much bigger job because as well as running the central bank as the current governor does, his incumbent will also be responsible for financial stability. It is a big issue and it is not seen as easy job.”

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