Appointment details

Deputy Governor for Monetary Policy at the Bank of England

Summary
About the appointment
Person specification
Application and selection process
Additional information for candidates
Attachments

Summary

Organisation: Bank of England Deputy Governor
Sponsor department: HM Treasury
Location: London
Sectors: Finance and Audit
Skills: Business
Number of vacancies: 1
Time commitment: 40 hour(s) per week
Remuneration: £288700 per annum
Length of term: 5 years
Application deadline: 11am on 8 November 2023

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Timeline for this appointment

Opening date

2 October 2023
Application deadline

11am on 8 November 2023
Sifting date

17 November 2023
Interviews expected to end on

12 January 2024

Timeline dates are only an estimate and can change

About the appointment

Additional introductions

James Bowler, Permanent Secretary, HM Treasury

Thank you for your interest in joining the Bank of England as the new Deputy Governor for Monetary Policy.

The Bank is one of the UK’s most important economic institutions. Its mission is to promote the good of the people of the UK by maintaining monetary and financial stability. The new Deputy Governor will sit in the Executive Team, led by Governor Andrew Bailey, and lead the formulation and implementation of the Bank’s monetary policy, leading the Bank’s research, data and analytics.

The successful candidate will be directly or indirectly responsible for more than 600 staff and will play an influential role as a member of the Bank’s Monetary Policy Committee (MPC), which they will chair in the Governor’s absence, the Financial Policy Committee (FPC), and the Court of the Bank of England. They will represent the Bank externally, including domestically through appearances in front of the Treasury Committee and internationally through membership of key international committees and groupings. This is a high profile and demanding role that represents a challenging opportunity to lead domestic and international policy making and implementation with credibility and confidence.

Diversity and inclusion is a top priority for the Bank. The recruitment panel particularly encourages applicants from underrepresented groups so the Bank can better reflect the society it serves, encourage diverse ideas, and be open to perspectives that challenge prevailing wisdom.

Thank you, once again, for your interest in this role and for taking the time to read through this pack, which provides further information. We look forward to hearing from you.

Appointment description

Candidates are sought for the role of Deputy Governor, Monetary Policy. This appointment is made by His Majesty the King, on the recommendation of the Prime Minister and the Chancellor of the Exchequer. The appointment is expected to commence in June 2024.

The new Deputy Governor will have specific responsibility for overseeing the formulation and implementation of the Bank’s monetary policy and lead the Bank’s research, data and analytics. They will be directly or indirectly responsible for more than 600 staff. They will sit on the Monetary Policy Committee (and chair it in the Governor’s absence), the Financial Policy Committee, and the Court of the Bank of England. They will represent the Bank on a number of national and international bodies.

This is a high profile and influential role. The new Deputy Governor will play a vital role in macroeconomic policy making addressing the economic challenges facing the UK and global economy.

It is expected that the new Deputy Governor will take up their position in June 2024.

Organisation description

As the country's central bank, the Bank of England sits at the heart of the UK’s economy and financial system. Its mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Bank was founded in 1694 and its roles and functions have evolved and changed over its three-hundred-year history. Since its foundation, it has been the Government's banker and, since the late 18th century, it has been banker to the banking system more generally – “the bankers' bank”. The Bank is perhaps most visible to the general public through its banknotes, having had a monopoly of the issue in England and Wales since the middle of the 19th century. Through its market operations it is the ultimate source of reserves to the banking system, and its “Bank Rate” is the benchmark for all short-term sterling interest rates. It also manages the UK's foreign exchange and gold reserves and operates the high value payment system (RTGS).

The Bank is owned by the UK Government and is accountable to both Parliament and the general public. In 1997 the Bank was given operational independence to set interest rates so as to achieve a monetary stability target set by the Government – currently an inflation target based on the Consumer Prices Index. Policy decisions – relating both to Bank Rate and to the Asset Purchase programme - are taken by the Bank’s Monetary Policy Committee (MPC) and implemented through the Bank’s financial market operations.

The Bank’s role in promoting financial stability was expanded following the crisis of 2007-09. In 2009 the Bank became responsible for the resolution of failing banks, and for the oversight of payment systems. The Bank was then given a statutory objective to “protect and enhance the stability of the financial system”. In 2013 its Financial Policy Committee (FPC) was given powers to act against threats to the resilience of the financial system and, through its Prudential Regulation Authority (PRA), the Bank became responsible for ensuring the safety and soundness of individual banks and insurers. The Bank also became responsible for the supervision of financial market intermediaries such as payment and clearing systems, which is overseen by the Financial Market Infrastructure (FMI) Board.

The Bank is governed by a Court of Directors, appointed by the Crown. The executive management is led by the Governor, supported by four Deputy Governors and a Chief Operating Officer.

The Bank employs around 4,800 staff and has a total gross expenditure of around £711 million per annum. This is funded through a mixture of income generated from deposits placed by banks and other deposit-takers and fees and levies charged for some of the activities it performs.

Board composition

The Court of Directors is a unitary board consisting of up to nine non-executive members, the Governor and four Deputy Governors. It meets at least seven times a year. All members of Court are appointed by the Crown.

While specific policy responsibilities are reserved to the statutory committees, the Court of Directors is required by the 1998 Bank of England Act to “manage the Bank’s affairs”, other than the formulation of monetary policy. It must determine the Bank’s objectives and strategy and ensure the effective discharge of the Bank’s functions and the most efficient use of the Bank’s resources. It takes the major decisions on finance, resources and appointments. For more information about the Court of Directors, please visit the Bank of England website.

Executive members of the court

Andrew Bailey, Governor
Ben Broadbent, Deputy Governor, Monetary Policy
Sir Jon Cunliffe, Deputy Governor, Financial Stability until 31 October 2023
Sarah Breeden, Deputy Governor For Financial Stability from 1 November 2023
Sir Dave Ramsden, Deputy Governor, Markets and Banking
Sam Woods, Deputy Governor for Prudential Regulation

Non- Executive Directors

David Roberts (Chair)
Sabine Chalmers
Lord Jitesh Gadhia
Anne Glover
Ron Kalifa
Diana Noble
Frances O'Grady
Tom Shropshire

Person specification

Essential criteria

Required criteria

This is a very demanding role and represents a challenging opportunity for somebody who wants to lead domestic and international policy making and implementation with credibility and confidence.

The successful candidate will have substantial experience in one or more of the following:

Reputation as a thought leader in economics and/or economic policy-making;
Working at a very senior level within academia or public policy with a close focus on economics;
Working in, or involvement with, central banking (e.g. a central bank, the Bank of International Settlements, the International Monetary Fund, or similar institutions);
Working in, or involvement with, finance ministries or financial services regulators; or,
Working at a very senior level of a major bank or other financial institution.

The candidate will be expected to demonstrate the following skills:

Exceptional professional credibility in economics. Knowledge and experience of UK and global macroeconomics and micro-economics is vital to ensure the candidate can lead the Bank’s monetary policy and make independent monetary policy decisions. Moreover, the ability to use forecasting to deliver monetary policy aims is essential. Candidates must also demonstrate that they have used their economic expertise operating at a very senior level (for example, in commercial, business, financial markets, a policymaking environment or academia) and be credible in international policy-setting fora.
Deep financial markets knowledge. The successful candidate will have knowledge and experience of financial markets, a deep understanding of the financial system and their interaction with the real economy.
Leadership and management skills. The successful candidate will have the ability to be an effective member of the senior management team, to delegate, to develop talent and encourage a strong team approach across the Bank. The successful candidate will have had a senior leadership role in a large organisation and will demonstrate personal effectiveness, determination, inclusivity and resilience. This is a high-profile role, and the post-holder can expect to become a public figure and attract e.g. media and market attention.
Communication, influencing and interpersonal skills. The successful candidate will have the ability to build good relationships with colleagues within the Bank of England and with domestic and international partners. They will also be able to communicate with authority and credibility to Parliament, the media, the markets and the wider public.
Policy skills. The ability to design frameworks and develop policies that will be appropriate for multiple scenarios, and the ability to implement those new policies in a fast-moving environment are needed. Acute political sensitivity and awareness will be crucial.
Thought leadership. Candidates must be thought leaders in their field and be able to exert their influence within the Bank, the MPC and in the wider external policy debate. Candidates must be able to form their own views and decisions.
Undisputed integrity and standing. The successful candidate will have the ability to maintain discretion and engender trust in staff, peers and stakeholders; and a willingness to abide by necessary conflict of interest constraints.

All qualified applicants will be considered without regards to race, colour, religion, gender, gender identity or expression, sexual orientation, disability and age. Appointments are made on merit and are subject to the Principles of Public Life and the Bank’s Code of Conduct for Members of Court.

Application and selection process

How to apply

In order to apply you will need to provide:

A Curriculum Vitae which provides your contact details, details of your education and professional qualifications, employment history, directorships, membership of professional bodies and details of any relevant publications or awards;
A supporting statement setting out how you meet the criteria for appointment, as set out in the person specification for the role;
Information relating to any outside interests or reputational issues;
Diversity monitoring information. This allows us to see if there are any unfair barriers to becoming a public appointee and whether there are any changes that we could make to encourage a more diverse field to apply. You can select “prefer not to say” to any question you do not wish to answer. The information you provide will not be used as part of the selection process and will not be seen by the interview panel;
Disability Confident – please state if you want to be considered for the disability confident scheme;
Reasonable adjustments - requests for reasonable adjustments that you would like to the application process (if applicable);

Please provide the information at points 3-6 above on the relevant form, or as part of your supporting statement.

Completed applications should be submitted to ApplicationsKF@kornferry.com , no later than 11:00am Wednesday 8th November 2023. For a confidential discussion to help inform your application, please contact our recruitment advisor:

Peter Guilder: Peter.Guilder@kornferry.com

The Advisory Assessment Panel reserves the right to only consider applications that contain all of the elements listed above, and that arrive before the published deadline for applications.

Overview of the application process

Public appointments are made on merit following a fair and open competition process which is conducted in accordance with the Governance Code for Public Appointments. We will deal with your application as quickly as possible and will keep you informed at key stages. We aim to conclude the appointment process within three months of the deadline for applications – this is in accordance with the Governance Code.

The assessment process

Ministers are responsible and accountable to Parliament for the public appointments made within their department. As a result, they must be consulted at every stage of the appointments process.
An Advisory Assessment Panel (“Panel”) is appointed by Ministers to assist them in their decision making. The role of the Panel is to decide, objectively, which candidates meet the eligibility criteria for the role.
At the shortlisting meeting the Panel will assess applications against the eligibility criteria and decide which candidates have best met the criteria, who should be recommended for interview. Ministers will then be consulted on the Panel’s recommended shortlist. If you have applied under the Disability Confident Scheme and you meet all the essential criteria, then you will also be invited for an interview.
Once the shortlist has been agreed by Ministers, you will be advised (by e-mail) whether you have been shortlisted. Those shortlisted will be invited to an interview.
The Panel will meet again to interview candidates and determine who is appointable to the role. The Panel may invite you to make a brief presentation at the start of the interview and will go on to question you about your skills and experience, including asking specific questions to assess whether you meet the criteria set out for the post. The Panel will also explore with you any potential conflicts of interest or any other issues arising from your personal and professional history which may impact on an appointment decision.
Details of the panel’s assessment of interviewed candidates are provided to Ministers, including whether they have judged a candidate to be appointable to the role. It is then for Ministers to determine merit and decide who should be appointed. In some circumstances, Ministers may choose not to appoint any candidates and re-run the competition.
Ministers may choose to meet with candidates before deciding the outcome. Candidates should therefore be prepared for a short time gap between interview and a final appointment decision being made. Candidates who have been interviewed will be kept informed of progress.
Once the decision on the appointment has been made, interviewed candidates will be advised of the outcome of their application, including whom they may approach for feedback. Successful candidates will be issued with their Terms & Conditions and a letter of appointment should they agree to take up the position.

Further information about appointments, including tips on applying, can be found on our guidance pages on gov.uk.

Advisory Assessment Panel (AAP)

The assessment panel members will consist of:

James Bowler- Permanent Secretary, HM Treasury - Panel Chair
Sam Beckett - Chief Economic Adviser, Second Permanent Secretary and Head of the Government Economic Service, HM Treasury
David Roberts - Chair of the Court, Bank of England
Sir Charles Bean - Professor of Economics at the London School of Economics - Independent Panel Member
Stephen Cohen (Head of the Europe, the Middle East and Africa at BlackRock, Independent panel Member)

Advisory Assessment Panels (AAP) are chosen by ministers to assist them in their decision-making. These include a departmental official and an independent member. For competitions recruiting non-executive members of a board (apart from the Chair), the panel will usually include a representative from the public body concerned.

AAP’s perform a number of functions, including agreeing an assessment strategy with ministers, undertaking sifting, carrying out interviews in line with the advertised criteria and deciding objectively who meets the published selection criteria for the role before recommending to ministers which candidates they find appointable. It is then for the minister to decide who to appoint to the role.

Eligibility criteria

In general, you should have the right to work in the UK to be eligible to apply for a public appointment.

There are a small number of specialist roles that are not open to non-British citizens. Any nationality requirements will be specified in the vacancy details.

The Government expects all holders of public office to work to the highest personal and professional standards.

You cannot be considered for a public appointment if:

you are disqualified from acting as a company director (under the Company Directors Disqualification Act 1986);
have an unspent conviction on your criminal record;
your estate has been sequestrated in Scotland or you enter into a debt arrangement programme under Part 1 of the Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17) as the debtor or have, under Scots law, granted a trust deed for creditors.

When you apply, you should declare if:

you are, or have been, bankrupt or you have made an arrangement with a creditor at any point, including the dates of this.
you are subject to a current police investigation.

You must inform the sponsor department if, during the application process, your circumstances change in respect of any of the above points.

When you apply you should also declare any relevant interests, highlighting any that you think may call into question your ability to properly discharge the responsibilities of the role you are applying for. You should also declare any other matters which may mean you may not be able to meet the requirements of the Code of Conduct of Board Members (see Outside interests and reputational issues section below)

If you need further advice, please contact: Peter Guilder: Peter.Guilder@kornferry.com

Security clearance

The successful candidate will be required to undertake Baseline Personnel Security Standard checks in line with the Civil Service guidelines. Additional Security Clearance may also be required for certain roles. However, where this applies, candidates will be notified during the appointment process. Further information on National Security Vetting can be found on the Gov.uk website here.

Additional information for candidates

Equality and diversity

We encourage applications from talented individuals from all backgrounds and across the whole of the United Kingdom. Boards of public bodies are most effective when they reflect the diversity of views of the society they serve and this is an important part of the Government’s levelling up agenda.

We collect data about applicants’ characteristics and backgrounds, including information about people’s educational and professional backgrounds, so that we can make sure we are attracting a broad range of people to these roles and that our selection processes are fair for everyone. Without this information, it makes it difficult to see if our outreach is working, if the application process is having an unfair impact on certain groups and whether changes are making a positive difference.

When you submit your application, your responses are collected by the Cabinet Office and the government department(s) managing your application. The data is used to produce management information about the diversity of applicants. You can select “prefer not to say” to any question you do not wish to answer. The information you provide will not be seen by the Advisory Assessment Panel who review applications against the advertised criteria and conduct interviews.

Disability confident

We are a member of the Government’s Disability Confident scheme. We use the Disability Confident scheme symbol, along with other like-minded employers, to show our commitment to good practice in employing people with a disability. The scheme helps recruit and retain disabled people.

As part of implementing the scheme, we guarantee an interview for anyone with a disability whose application meets the essential criteria for the role, set out in the advert, and who has asked that their application is considered under the scheme. Indicating that you wish your application to be considered under the scheme will in no way prejudice your application. By ‘minimum criteria,’ we mean that you must provide evidence which demonstrates that you meet the level of competence required under each of the essential criteria, as set out in the job-advert.

When you apply you will have the opportunity to select if you would like your application considered under this scheme.

Reasonable adjustments

We are committed to making reasonable adjustments to make sure applicants with disabilities, physical or mental health conditions, or other needs are not substantially disadvantaged when applying for public appointments. This can include changing the recruitment process to enable people who wish to apply to do so.

Some examples of common changes are:

ensuring that application forms are available in different or accessible formats;
making adaptations to interview locations;
allowing candidates to present their skills and experience in a different way;
giving additional detailed information on the selection / interview process in advance to allow candidates time to prepare themselves;
allowing support workers, for example sign language interpreters;
making provision for support animals to attend.

When you apply you will have the opportunity to request reasonable adjustments to the application process.

Principles of public life

Holders of public office are expected to adhere to and uphold the Seven Principles of Public Life. These are:

Selflessness - Holders of public office should act solely in terms of the public interest.
Integrity - Holders of public office must avoid placing themselves under any obligation to people or organisations that might try inappropriately to influence them in their work. They should not act or take decisions in order to gain financial or other material benefits for themselves, their family, or their friends. They must declare and resolve any interests and relationships.
Objectivity - Holders of public office must act and take decisions impartially, fairly and on merit, using the best evidence and without discrimination or bias.
Accountability - Holders of public office are accountable to the public for their decisions and actions and must submit themselves to the scrutiny necessary to ensure this.
Openness - Holders of public office should act and take decisions in an open and transparent manner. Information should not be withheld from the public unless there are clear and lawful reasons for so doing.
Honesty - Holders of public office should be truthful.
Leadership - Holders of public office should exhibit these principles in their own behaviour and treat others with respect. They should actively promote and robustly support the principles and challenge poor behaviour wherever it occurs.

Code of conduct for board members

The Government expects all holders of public office to work to the highest personal and professional standards. In support of this, all non-executive board members of UK public bodies must abide by the principles set out in the Code of Conduct for Board Members of Public Bodies. The Code sets out the standards expected from those who serve on the boards of UK public bodies and will form part of your terms and conditions of appointment.

Management of outside interests and consideration of reputational issues

Holders of public office are expected to adhere and uphold the Seven Principles of Public Life and the Code of Conduct for Board Members of Public Bodies. Before you apply you should consider carefully:

any outside interests that you may have, such as shares you may hold in a company providing services to government;
any possible reputational issues arising from your past actions or public statements that you have made;
and/or - any political roles you hold or political campaigns you have supported;

which may call into question your ability to do the role you are applying for.

You will need to answer relevant questions in relation to these points when making an application. Many conflicts of interest can be satisfactorily resolved and declaring a potential conflict does not prevent you from being interviewed. If you are shortlisted for an interview, the panel will discuss any potential conflicts with you during that interview, including any proposals you may have to mitigate them and record that in their advice to ministers. Alongside your own declaration, we will conduct appropriate checks, as part of which we will consider anything in the public domain related to your conduct or professional capacity. This may include searches of previous public statements and social media, blogs or any other publicly available information. The successful candidate(s) may be required to give up any conflicting interests and their other business and financial interests may be published in line with organisational policies.

Details of declared political activity will be published when the appointment is announced, as required by the Governance Code (political activity is not a bar to appointment, but must be declared).

Status of appointment

As this is an office holder appointment, you will not become a member of the Civil Service. You will not be subject to the provisions of employment law.

Appointment and tenure of office

Appointments are for the term set out in this advert, with the possibility of re-appointment for a further term, at the discretion of Ministers. Any re-appointment is subject to satisfactory annual appraisals of performance during the first term in the post. There is no automatic presumption of reappointment; each case should be considered on its own merits, taking into account a number of factors including, but not restricted to, the diversity of the current board and its balance of skills and experience. In most cases, the total time served in post will not exceed more than two terms or serve in any one post for more than ten years

Remuneration, allowances and abatement

The Deputy Governor for Monetary Policy is a full-time position. The successful candidate will receive remuneration of £288,700 a year.

Pension and redundancy

The successful candidate would be eligible for membership of the Career Average Section of the Bank of England Pension Fund. In addition to this, the job holder will receive Private Medical Insurance (Employee & Family cover), Life Assurance (4 x pensionable salary) and Employee Health Check. This role is not eligible for a performance award or incentive payment.

Application feedback

We will notify you of the status of your application. We regret that we are only able to offer detailed feedback to candidates who have been unsuccessful at the interview stage.

How to complain

We aim to process all applications as quickly as possible and to treat all applicants with courtesy.

Please contact the Korn Ferry in the first instance if you would like to make a complaint regarding your application at ApplicationsKF@kornferry.com.They will acknowledge your complaint upon receipt and respond within 15 working days.

Data protection

The Cabinet Office will use your data in line with our privacy policy.

HM Treasury's privacy notice is also attached.

Contact details

For a confidential discussion to help inform your application, please contact our recruitment advisor:

Peter Guilder – Peter.Guilder@kornferry.com

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