The search for Mark Carney’s replacement at the Bank of England has begun
The search for Mark Carney’s replacement at the Bank of England has begun © FT montage

The race to succeed Mark Carney as Bank of England governor is under way.

The post is one of the prime jobs in central banking. The UK is only a medium-sized economy but the BoE governor has a leading role in setting interest rates as well as overseeing the regulation of banks and other companies in the City of London, one of the world’s leading financial centres.

There is no clear frontrunner to succeed Mr Carney, but below are six people considered to be serious contenders to be the next BoE governor after the government started the search on Wednesday.

Andrew Bailey, 60

Chief executive of the Financial Conduct Authority
Andrew Bailey, chief executive officer of Financial Conduct Authority, poses for a photograph ahead of a Bloomberg Television interview in London, U.K., on Tuesday, April 23, 2019. The Bank of England needs to do more to meet its diversity targets for senior roles, according to minutes from its February Court of Directors meeting. Photographer: Chris J. Ratcliffe/Bloomberg
© Chris J. Ratcliffe/Bloomberg

Long seen as well qualified for the BoE governor’s post, Andrew Bailey has served in many of the bank’s top roles, moving to head the FCA in 2016. Regarded as a safe pair of hands, he has vast experience and a global reputation in banking supervision and financial stability. However, he lacks deep experience of monetary policy and would need to convince the government that he would be able to command authority in setting interest rates.

Ben Broadbent, 54

BoE deputy governor for monetary policy
Ben Broadbent, deputy governor for monetary policy at the Bank of England (BOE), looks on during the bank's quarterly inflation report news conference in the City of London, U.K., on Thursday, Feb. 2, 2017. The Bank of England upgraded its forecasts for the economy for the second time since the Brexit vote and revealed that some policy makers have become more concerned about accelerating inflation. Photographer: Simon Dawson/Bloomberg
© Simon Dawson/Bloomberg

A highly respected economist and thinker on monetary issues, Ben Broadbent currently runs the macroeconomic side of the BoE. He started his career at the Treasury and then built an international reputation as European economist at Goldman Sachs. His challenge will be to demonstrate that he has the capacity to lead a large organisation without making communication errors — such as when he described the UK economy as menopausal, a comment he subsequently apologised for.

Jon Cunliffe, 65

BoE deputy governor for financial stability
Jon Cunliffe, deputy governor for financial stability at the Bank of England (BOE), speaks during a news conference presenting the bank's Financial Stability Report in London, U.K., on Tuesday, June 27, 2017. The Bank of England plans to increase capital requirements for U.K. lenders by 11.4 billon pounds to tackle risks posed by consumer credit growth and prepare for the uncertain outcome of Brexit talks. Photographer: Chris Ratcliffe/Bloomberg
© Chris Ratcliffe/Bloomberg

Jon Cunliffe joined the BoE as deputy governor in 2013, after previously serving as a senior Treasury official specialising in international affairs and leading Britain’s representation to the EU in Brussels. In his current role, Sir Jon sits on the BoE’s main policy committees, giving him experience in all aspects of the bank’s work. As a long-serving official, he has had crucial backroom roles and his challenge will be demonstrating his capability to be leader of the central bank.

Raghuram Rajan, 56

Professor, University of Chicago Booth School of Business
Raghuram Rajan, former governor of the Reserve Bank of India (RBI), poses for a photograph following a Bloomberg Television interview on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 22, 2019. World leaders, influential executives, bankers and policy makers attend the 49th annual meeting of the World Economic Forum in Davos from Jan. 22 - 25. Photographer: Simon Dawson/Bloomberg
Some of the smart money seems to have switched to Raghuram ‘Raghu’ Rajan © Simon Dawson/Bloomberg

As a former chief economist at the IMF and former governor of the Reserve Bank of India, Raghuram Rajan is well qualified for the role of BoE governor, should he wish to take on the challenge. He also has experience as a central bank governor dealing with a volatile political situation. Known as one of the world’s leading economics thinkers and an adept communicator, his candidature would entail the government deciding whether it wanted a second consecutive foreigner for the role. When asked, Prof Rajan always replies that he has a good job in Chicago and is happy there.

Minouche Shafik, 57

Director, London School of Economics
Nemat "Minouche" Shafik, incoming director of the London School of Economics (LSE), poses for a photograph following a Bloomberg Television interview in London, U.K., on Thursday, Nov. 30, 2017. Shafik left her position as a deputy governor of the Bank of England to take charge of the LSE this year. Photographer: Jason Alden/Bloomberg
© Jason Alden/Bloomberg

Minouche Shafik was the deputy governor for banking and markets at the BoE between August 2014 and February 2017, but had a difficult relationship with Mr Carney. As a former senior civil servant and a deputy managing director at the IMF, she is known for being a good manager with great staff loyalty. As candidate for the governorship, she would need to demonstrate she has the ability to span the range of the work at the BoE and that she can communicate the bank’s decisions and policy effectively to the public.

Shriti Vadera, 56

Chair of Santander UK
Shriti Vadera, chairman of Santander UK Plc, looks on during the Institute of International Finance G-20 Conference in Frankfurt, Germany, on Thursday, March 16, 2017. Some of the top financial services companies, including BlackRock Inc. and UBS Group AG, warned against rolling back financial regulation at this time, saying it could be risky and distort international competition. Photographer: Krisztian Bocsi/Bloomberg
© Krisztian Bocsi/Bloomberg

The no-nonsense chair of Santander UK since 2015, Shriti Vadera has had a long career in the private sector, as well as a number of official roles, including as a business minister in Gordon Brown’s government. She recently helped lead the City of London’s response to Brexit, and her role in a Labour government is not seen by the chancellor as a barrier to selection. She is also well known internationally after playing an important part in Britain’s response to the financial crisis, alongside counterparts in other countries. Her challenge will be to demonstrate that she has a suitable range of expertise and that her fiery management style is suitable for the BoE.

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