LONDON--Britain's finance minister Philip Hammond began the search for a new governor of the Bank of England to help steer the world's fifth-biggest economy, and its global financial centre, through the upheaval of Brexit.
Mark Carney, a Canadian, twice extended his term in charge of the British central bank as Brexit approached. But he has ruled out a further delay even though Britain's departure from the European Union remains up in the air.
"We are looking, obviously, for a candidate of the highest calibre. As we leave the European Union it's very important that the UK continues to play an important role in global fora," Hammond told a parliamentary committee on Wednesday.
Carney, the first foreign governor in the BoE's three-century history, took up his role on July 1, 2013, and will step down on Jan. 31 next year.
Potential candidates for the role which pays an annual salary of 480,000 pounds ($621,000) include former BoE deputy governor Andrew Bailey who is now chief executive of the Financial Conduct Authority, a markets regulator, and current top officials at the BoE including deputy governor Ben Broadbent and chief economist Andy Haldane.
Raghuram Rajan, a former governor of the Reserve Bank of India who also served as chief economist at the International Monetary Fund, declined to comment when he was asked this month whether he would consider a return to active policymaking.
Hammond said he hoped to make an appointment in October. He said his preference was to hire someone for an eight-year term but might be flexible for an exceptional candidate.
Earlier this month, he said he hoped potential applicants for the role would not be deterred by the risk of being drawn into divisive political debates over Brexit. Hammond on Wednesday stressed the importance of putting the BoE under the charge of someone who would command respect of policymakers around the world at a time when Britain is preparing to pursue a more global role outside the EU.
