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.
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.
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.
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