The government has initiated the recruitment process for a new Bank of England (BoE) governor, as the current head, Mark Carney, is due to step down on 31 January 2020 after serving more than six years in the position.

For the first time, the government has hired a recruitment agency to assist them with the search, with a job description being placed on the public appointments website at a later date. The annual salary will remain unchanged since 2013, starting at £480,000.

According to the BBC, the job description will highlight that candidates must be able to demonstrate the ability to lead “a complex and powerful financial institution”.

It is believed that interviews will be held over the summer months, with Chancellor Philip Hammond naming the successor in autumn.

“In today’s rapidly evolving economy the role of Governor is more important than ever. Finding a candidate with the right skills and experience to lead the Bank of England is vital for ensuring the continuing strength of our economy and for maintaining the UK’s position as a leading global financial centre,” Hammond said.

Due to the vital role that the BoE governor plays in the UK’s financial wellbeing, it is likely that approaches to candidates are already being made in the background.

However, the Chancellor has previously speculated that some potential candidates may be deterred from the role over the ongoing uncertainty of Brexit.

Despite this, BoE governor is a prime role that comes with a great deal of power, granting the individual the ability to influence the course of interest rates and also set priorities for the bank in managing risks to the financial system.

The newly appointment governor will also chair three central committees; the Monetary Policy Committee which sets interest rates; the Financial Policy Committee which monitors risk in the financial system; and the Prudential Regulation Authority which regulates financial firms.

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