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Search Begins for New Bank of England Governor

Canadian Mark Carney has been Governor since the summer of 2013 and will step down at the end of January 2020

Alliance News 24 April, 2019 | 2:09PM

Mark Carney Bank of England Governor

The UK Government on Wednesday formally launched its search to find the next governor of the Bank of England.

Canadian Mark Carney has been in the role since the summer of 2013 and will step down at the end of January 2020. He previously agreed a seven month extension to his current contract to help ensure a "smooth" Brexit process.

Carney warned earlier this month that the risk of a disorderly Brexit remains "alarmingly high".

Chancellor of the Exchequer Philip Hammond said he believes the role of Governor is "more important than ever" due to a "rapidly evolving economy".

Hammond said: "Finding a candidate with the right skills and experience to lead the Bank of England is vital for ensuring the continuing strength of our economy and for maintaining the UK's position as a leading global financial centre."

The Chancellor said the Bank of England has been at the "forefront of reforms to make our financial system safer and more accountable".

"I look forward to working with Mark Carney over the remaining months of his term as governor. His steady hand has helped steer the UK economy through a challenging period and we are now seeing stable, low inflation and the fastest wage growth in over a decade," added Hammond.

The Governor chairs the UK central bank's three policy committees: monetary, financial and prudential.

Annual Borrowing at 17-Year Low

UK public sector borrowing in March was £900 million higher than the same month a year ago, though borrowing in the latest financial year remained at a 17-year low.

Borrowing in the latest full fiscal year to the end of March, was £24.7 billion, £17.2 billion less than in the previous financial year and the lowest financial borrowing for 17 years.

Public sector net borrowing excluding public sector banks in March was £1.7 billion, £900 million more than the same month a year prior. As a result, borrowing in March 2018 remained the lowest March borrowing since 2006, the Office for National Statistics said on Wednesday.

Public sector net borrowing excluding public sector banks is the difference between revenue raised and total spending.

This was, nonetheless, £1.9 billion more than the £22.8 billion forecast by the Office for Budget Responsibility in its March set of predictions.

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