New Bank governor could be delayed until Brexit is done

Go to the profile of Money Marketing
Aug 22, 2019

The government is considering pushing back the announcement of both the new Bank of England governor and its next Budget until Brexit has passed, Bloomberg reports.

The news agency cites a person familiar with the matter as saying new chancellor Sajid Javid may not reveal Mark Carney’s successor until after the UK’s supposed EU departure date of October 31.

The next Budget could be pushed into next year as well should a general election need to be called in the run-up to Brexit.

Instead, the news agency reports that Javid is currently in the process of allocating department funding without parliamentary approval through a short spending round.

Carney has already extended his stay as governor on multiple occasions citing the uncertainty of Brexit as a reason stability is needed in the Bank’s leadership.

Reports had suggested that the Treasury itself has “quietly approached”Carney to extend his term, but these were denied by the department.

While Javid’s predecessor Philip Hammond had said a replacement was set for this Autumn, the Bloomberg report suggests this is now less likely.

The news agency’s source says that Javid remains open on the appointment’s timeline, having not yet narrowed down the shortlist drawn up by Hammond before his departure.

Go to the profile of Money Marketing

Money Marketing

Money Marketing, emap

The leading magazine and website for IFAs and professional financial advisers. Pensions, investment, mortgages, protection, platforms and regulation news.

No comments yet.