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4/24, 10:40 AM (Source: TeleTrader)
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Hammond: New BoE governor to be appointed for 8-year term

British Chancellor Philip Hammond stated on Wednesday that the next governor of the Bank of England (BoE) is expected to be appointed for an eight-year term, but if an "outstanding candidate" could not commit to that, the Treasury could consider a shorter term. Speaking before the Treasury Committee, he expressed hope that a replacement for the outgoing Governor Mark Carney will be announced in October this year.

The chancellor specified that it is in the UK's interest that the BoE's next chief is "recognized and respected at the highest levels of the central bank circuit" and commands respect in the "international arena."

Hammond added that the British economy is operating close to full capacity, but blamed Brexit uncertainty for weak business investment in the country. He stressed that "the sooner we can bring Brexit to a conclusion, the better."

Breaking the News / FH