Lord Turner admits interest in BoE governorship

25 July 2012

Lord Turner is open to the possibility of becoming the next governor of the Bank of England (BoE), it has emerged.

Incumbent chief Sir Mervyn King is scheduled to leave the post next summer after serving the maximum two five-year terms and Lord Turner, who is currently chairman of the Financial Services Authority (FSA), has admitted he would be interested in the role.

During an interview with Bloomberg, the FSA leader said he would "obviously not rule myself out" of contention for the BoE governorship after a period of four years heading up the FSA.

"It is something I'll have to think about when the time comes," he added.

Lord Turner also insisted that changes need to be made to the banking industry in order to rebuild public trust and confidence in the sector, which is presently extremely low.

He noted that banking executives face the challenge of "setting clearly from the top a culture which tells people that there are things they shouldn't do, even if they are legal".

By Asim Shah

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