October 8, 2019 / 9:46 AM / a month ago

Javid promises parliament chance to scrutinise next BoE governor

Britain's Chancellor of the Exchequer Sajid Javid walks at the venue for the Conservative Party annual conference in Manchester, Britain October 1, 2019. REUTERS/Phil Noble

LONDON (Reuters) - The process to appoint the next Bank of England governor remains on track, and parliament will have time to scrutinise the new appointment before Governor Mark Carney steps down, finance minister Sajid Javid said in a letter released on Tuesday.

Javid’s predecessor, Philip Hammond, said the appointment would be made this autumn, but members of parliament’s Treasury Committee wrote to Javid last month with concerns that the process had become delayed.

“You asked for an update on this important recruitment process. It is on track. In terms of the appointment itself, we will make an announcement in due course, ahead of the start of the next Governor’s term on 1 February 2020,” Javid wrote to the committee in a letter released on Tuesday.

The British parliament’s Treasury Committee typically questions senior BoE staff before they take office, and although it lacks a formal veto, it can pressure officials to step down, most recently with BoE chief operating officer Charlotte Hogg.

“I would like to assure you that the Committee will have the opportunity and time to scrutinise the successful candidate after the appointment has been made but before the individual has taken up the role,” Javid wrote.

Reporting by David Milliken, editing by Andy Bruce

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