Bringing in someone from the outside for the top spot! The right choice?

By Tom Hemingway

27 November 2012

Seems, just like in football, some of the best talent can be found from abroad! The Bank of England’s new governor (announced 26.11.12), Mark Carney, has been described by some as the best central banker in the world. Currently the head of the Bank of Canada, Mark will take over from Sir Mervyn King (current Bank of England chief), when he retires in June 2013. It’s a first for the BofE to appoint a foreign national to the job and hopefully he will be untainted by the string of activity that led to the on-going financial crisis.

With Mark comes a fresh pair of hands to the job (and fresh air from Canada, where there is no banking crisis to speak of) and he has a huge amount of respect among his peers. I’m hoping he is the right man for the one of the most important jobs in the British economy and can bring some perspective and smart thinking to solving this crisis!

Mr Carney was one of five possible candidates for the BofE job and his set of skills needed to be sufficient enough to meet the host of challenges facing the UK. It is hoped that he can play a constructive role as the next governor, ensuring the re balancing of our economy over the next five years.

“I’m going to where the challenges are greatest because I’m confident that the strengths are as deep and as broad as they are here in Canada,” Mr. Carney told reporters on Monday 26th November.

So, here’s hoping the new generation of leadership for the Bank of England paves the way for some fresh, forward thinking to kick start the economy as we head into 2013! Is he the right man for the job – only time and money, will tell!