Government to advertise Bank of England governor job for first time

Mr King, who takes home a £302,885 salary, is due to step down as governor on June 30, 2013, after two five-year terms in office. His successor will serve a single eight-year term and take on greater responsibility for financial stability and regulation as well as monetary policy, reports The Telegraph.

An advertisement for the job will appear in the Economist on Friday and on a Government recruitment website, Reuters reported. It is the first time the role of governor – appointed by the Queen on recommendation of Mr Osborne and Prime Minister David Cameron – has been advertised.

“I have decided that the appointment of his successor will be conducted through a fair and open competition. For the first time in history the post will be advertised,” Mr Osborne told parliament.

“As with Mervyn King, we are seeking a governor of intelligence, independence, and integrity. We intend to announce the successful candidate by the end of the year.”

BoE Deputy Governor Paul Tucker, Financial Services Authority chairman Lord Turner and Britain’s former top civil servant Gus O’Donnell have been touted as potential replacements for Mr King.

Figures from the world of banking such as former Barclays chief executive John Varley have also been suggested as possible candidates, though a recent rate-rigging scandal that rattled the banking industry has reduced the chances for any commercial banker.

The early decision on Mr King’s successor is intended to “provide certainty to the markets and to manage the transition”, according to the Treasury.

Top officials from the Treasury and the Bank will interview candidates after applications close on October 8 and report back to Mr Osborne. The successful applicant will have to face questions from parliament’s Treasury committee before taking up the appointment.

The job advertisement will demand an ability to inspire “confident and credibility both within the Bank and throughout financial markets” as well as experience of working with a central bank or at a senior level in commercial banking.

“He or she will be a strong communicator, have good interpersonal skills and will be a person of undisputed integrity and standing,” the advert will say.