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Osborne transparency plea over new BoE head

Chancellor George Osborne says the selection of the next Bank of England governor will be carried out openly and transparently.

The Financial Times reports that the Chancellor has committed to transparency ahead of the parliament debate on the future of the central bank after a warning from shadow chancellor Ed Balls that a larger bank with more powers would need a governor with “superhuman skills”.

Osborne has previously stopped short of saying whether or not he would follow the last Labour government in advertising for the role of governor.

But the FT reports Osborne has yet to satisfy demands from Treasury select committee chairman Andrew Tyrie to publish a job description and full clarity over the process of selection.

Osborne told a conference in Washington: “There will be a proper process for appointing the next governor. But that has not begun, and will not until the autumn. When the time comes, the best person for the job will be appointed, whoever she or he may be.”

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