Mark Carney

Bank of England Governor Mark Carney will step down from one of the most important jobs in the UK economy next January and the government have just kicked off the search for a suitable replacement.

Whoever takes on the job will surely have one of the most difficult briefs in British public life. Not only must they navigate the seas of globalisation and technological change, they must also deal with the fallout from Brexit, in whatever form that takes.

According to Chancellor of the Exchequer Philip Hammond, the role was “more important than ever” and “vital for ensuring the continuing strength of our economy.

A Load of Bankers

Bookmaker Paddy Power currently has Andrew Bailey the strong favourite to take the job at 4/6. Bailey currently heads the industry oversight body the Financial Conduct Authority, and was Deputy Governor of the Bank of England from 2013 to 2016.

Also in the running, at 4/1, is former governor of the Reserve Bank of India Raghuram Rajan, and, at 11/2, Sir Dave Ramsden, the present Deputy Governor for Markets and Banking at the UK’s central bank.

A Value Bet in the Female Candidates?

However, despite the obvious qualifications of the leading candidates, there are signs that the government is considering a different direction.  The Guardian is reporting that Sapphire Partners, the headhunters chosen by the government to find Carney’s replacement, were set up specifically to help women climb to the highest levels of the corporate ladder. Paddy Power are offering former government minister Shriti Vadera at 14/1 and former deputy governor Dame Minouche Shafik at 16/1.