Wanted: New Bank of England boss

The government has launched the recruitment process for a new governor for the Bank of England.

The current governor Mark Carney will step down on 31 January 2020 after more than six years in the post.

A job description will be placed on the public appointments website later.

It will say that candidates must be able to demonstrate the ability to lead “a complex and powerful financial institution”. The annual salary is £480,000 – unchanged since 2013.

The appointment will be made by Chancellor Philip Hammond.

“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,” he said in a statement.

Last September, the Treasury confirmed that Mr Carney would extend his term until 2020, saying it would support a “smooth exit” from the European Union.