Saturday 14 July 2012

The next Governor of the Bank of England

Who will succeed Sir Mervyn King as Governor of the Bank of England?

Way above DMossEsq's pay grade, this is the sort of question for which one turns for an answer to the Thunderer.

Camilla Cavendish, said in the Times on 12 July 2012, Wanted: one governor, two different skill sets:
Gus O’Donnell, the former Cabinet Secretary and bookies’ favourite, would be a shrewd manager with Whitehall knowhow, but he would need a strong cabinet of deputy governors with commercial track records.
But according to the next day's leader, The Short List:
Lord O’Donnell, the former Cabinet Secretary, has the economics but no commercial experience and surprisingly weak support in the Treasury.
Whitehall – SNAFU
What makes Ms Cavendish think he's a shrewd manager?

Whose bust is it anyway?
What makes the leader-writer think that the economics Lord O'Donnell "has" are the economics we need?

And why is his Treasury support weak?


12 August 2012: An unworthy suitor woos the Old Lady
  • Dominic Lawson considers the technocrat Adair "Widmerpool" Turner an unworthy suitor for the Bank of England, he doesn't mention Sir-Gus-now-Lord O'Donnell and trails the merits of Martin Taylor, sometime chief executive of Barclays
12 August 2012: Wanted: governor for wealthy Old Lady
  • "Many of those who could have done the job have now been tainted by scandal. Remaining applicants have been told the post will be advertised in the autumn in a number of publications and that they should register an official interest then."
18 August 2012: The next Governor
  • Adair Turner and Gus O'Donnell attract more flak, this time from the Spectator editorial, which floats the names of Glenn Stevens (Australia) and Alan Bollard (New Zealand). We might add – these names are not floated by the Spectator – Tim Congdon (England), Terry Smith (England) and John Moulton (England).

8 October 2012: O’Donnell withdraws from BoE race
  • "Gus O’Donnell, former cabinet secretary, has decided not to apply to become Bank of England governor, restricting the already short list of candidates for one of Britain’s most important public appointments."

    • Mark Carney has been named as the new governor of the Bank of England by Chancellor George Osborne ... Mr Carney, the governor of the Canadian central bank, will serve for five years and will hold new regulatory powers over banks.

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