New BoE governor 'to be approached in autumn'

23 April 2012

The process of appointing a new Bank of England governor will not get underway until the autumn, a senior government official has revealed.

According to chancellor George Osborne, the Conservative-Liberal Democrat alliance is in no hurry to name the successor to Mervyn King, who came to office in July 2003 and is scheduled to leave next June after serving two full five-year terms.

In recent times, the government has faced calls from many analysts to provide some clarity on how exactly the next chief will be appointed after reports emerged that some candidates had already been informally approached for the role.

However, speaking during the spring meeting of the International Monetary Fund in Washington DC, Mr Osborne - who is also MP for Tatton - insisted there is a "proper process" in place for this important decision, but this will not be implemented until the autumn.

"When the time comes, the best person for the job will be appointed, whoever she or he may be," he added.

By Asim Shah

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