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U.K.’s Hammond Won’t Be Around to Interview Next BOE Governor

Jessica Shankleman and Lucy Meakin
(Bloomberg) -- U.K. Chancellor of the Exchequer Philip Hammond doesn’t expect to interview candidates vying to become the next Bank of England governor as the Treasury is still looking for an autumn appointment, according to a person familiar with the matter.With the hunt for a replacement to Mark Carney taking place at the same time as the Conservative Party is selecting a new prime minister, Hammond expects to be out of his job by the time the next stage of the process begins, the person said.Civil servants in the Treasury are currently taking charge of the selection process, sifting through about 30 applications and then conducting initial interviews. After that, the chancellor will interview a shortlist, the person said.The next prime minister is due to be announced in the week of July 23, and prime ministers usually like to choose their own finance chief, meaning Hammond wouldn’t be expected to continue in the role under a new leader.Candidates wishing to run the three-century-old institution -- with its 480,000-pound ($620,000) salary -- will face an assessment panel comprised of Tom Scholar and Charles Roxburgh from the Treasury, BOE Court Chair Bradley Fried and former policy maker Kate Barker.Carney is due to leave the BOE in January. Having twice extended his term to help oversee Britain’s divorce from the bloc, he has said that latest delay to the Brexit deadline until October won’t affect his plans to step down.In April, Hammond said he would have preferred to have begun the process with Britain already out of the EU, and admitted that the political chaos surrounding its departure had damaged the nation’s image.A number of names have already been linked to the role, with Financial Conduct Authority boss Andrew Bailey and Raghuram Rajan, who previously led the Reserve Bank of India, considered front-runners. BOE deputy governors Ben Broadbent and Dave Ramsden, chief economist Andy Haldane and Shriti Vadera, the Santander U.K. Plc chair, have also been mentioned.To contact the reporters on this story: Jessica Shankleman in London at jshankleman@bloomberg.net;Lucy Meakin in London at lmeakin1@bloomberg.netTo contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Flavia Krause-Jackson, Brian SwintFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- U.K. Chancellor of the Exchequer Philip Hammond doesn’t expect to interview candidates vying to become the next Bank of England governor as the Treasury is still looking for an autumn appointment, according to a person familiar with the matter.

With the hunt for a replacement to Mark Carney taking place at the same time as the Conservative Party is selecting a new prime minister, Hammond expects to be out of his job by the time the next stage of the process begins, the person said.

Civil servants in the Treasury are currently taking charge of the selection process, sifting through about 30 applications and then conducting initial interviews. After that, the chancellor will interview a shortlist, the person said.

The next prime minister is due to be announced in the week of July 23, and prime ministers usually like to choose their own finance chief, meaning Hammond wouldn’t be expected to continue in the role under a new leader.

Candidates wishing to run the three-century-old institution -- with its 480,000-pound ($620,000) salary -- will face an assessment panel comprised of Tom Scholar and Charles Roxburgh from the Treasury, BOE Court Chair Bradley Fried and former policy maker Kate Barker.

Carney is due to leave the BOE in January. Having twice extended his term to help oversee Britain’s divorce from the bloc, he has said that latest delay to the Brexit deadline until October won’t affect his plans to step down.

In April, Hammond said he would have preferred to have begun the process with Britain already out of the EU, and admitted that the political chaos surrounding its departure had damaged the nation’s image.

A number of names have already been linked to the role, with Financial Conduct Authority boss Andrew Bailey and Raghuram Rajan, who previously led the Reserve Bank of India, considered front-runners. BOE deputy governors Ben Broadbent and Dave Ramsden, chief economist Andy Haldane and Shriti Vadera, the Santander U.K. Plc chair, have also been mentioned.

To contact the reporters on this story: Jessica Shankleman in London at jshankleman@bloomberg.net;Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Flavia Krause-Jackson, Brian Swint

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.