U.S. Markets closed

Here are the odds for the next Bank of England governor

Tom Belger
Finance and policy reporter

Ladbrokes odds revealed on next governor. Photo: Andrew Matthews/PA Archive/PA Images

A bookmaker has revealed Andrew Bailey is its firm favourite to be the next governor of the Bank of England, after the search for Mark Carney’s successor was formally announced today.

Ladbrokes puts the odds at 2/1 on Bailey, the chief executive of the Financial Conduct Authority (FCA), securing one of the most powerful jobs in Britain.

Famously, Bailey was apparently once dubbed a “big sexy turtle” by Carney in a presentation to staff in 2015, referencing an FT article which used tortoises’ reproduction as an unusual metaphor for financial regulation.

Ladbrokes’ second favourite is eye-catching for other reasons, in the form of former Reserve Bank of India governor Raghuram Rajan at 5/1.

Also the former chief economist of the International Monetary Fund (IMF), he is widely respected around the world and is credited by some with predicting the last financial crisis.


Reuters reports that he declined to comment earlier this month when asked about a return to central bank policymaking.

The third and fourth contenders at 6/1 are deputy governors Ben Broadbent and Jon Cunliffe.

The highest-ranked woman on the list is Shriti Vadera, with odds of 8/1.

Vadera is Santander’s UK chair and a former minister under New Labour who helped the government navigate the financial crash.

 

READ MORE: The women who could replace BoE governor Mark Carney

The bank is under pressure to appoint a first ever woman to the top post, and has hired headhunters for the first time in a bid to widen the net as far as possible beyond the obvious candidates.

Andy Haldane, the bank’s chief economist known for his outspoken views, is fifth at 10/1.

A surprise name on the Ladbrokes list is the former Conservative chancellor-turned-newspaper editor George Osborne, with odds of 50/1.

Other names in the ring according to the bookmaker are Dave Ramsden, Robert Chote, Haruhiko Kuroda, Adair Turner and Christine Lagarde.

Chancellor Philip Hammond said today he hoped to make an appointment in October, with the new governor in post in February next year.

READ MORE: Hammond grilled by MPs on Brexit, economy and the next governor