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Next Bank of England governor must serve the whole of society Next Bank of England governor must serve the whole of society
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Eleven o’clock on Wednesday evening is the deadline for applicants to put themselves forward to be the next governor of the Bank of England. Candidates are asked to commit to an eight-year term lasting until 2028. By then the world will be a very different place. Three key trends will shape their time in post.Eleven o’clock on Wednesday evening is the deadline for applicants to put themselves forward to be the next governor of the Bank of England. Candidates are asked to commit to an eight-year term lasting until 2028. By then the world will be a very different place. Three key trends will shape their time in post.
First, environmental breakdown is the biggest threat facing the planet. The next governor must build on Mark Carney’s legacy, and go even further to act on the Bank’s warnings by accelerating the transition of finance away from risky fossil fuels. Second, rising inequality, fuelled to a significant extent by monetary policy, has contributed to a crisis of trust in our institutions. The next governor must be open and honest about the trade-offs the Bank is forced to make, and take a critical view of how its policies impact on wider society. Third, the UK economy is increasingly unbalanced and skewed towards asset price inflation. Banks pour money into bidding up the value of pre-existing assets, with only £1 in every £10 they lend supporting non-financial firms. The next governor must seriously consider introducing measures to guide credit away from speculation towards productive activities.First, environmental breakdown is the biggest threat facing the planet. The next governor must build on Mark Carney’s legacy, and go even further to act on the Bank’s warnings by accelerating the transition of finance away from risky fossil fuels. Second, rising inequality, fuelled to a significant extent by monetary policy, has contributed to a crisis of trust in our institutions. The next governor must be open and honest about the trade-offs the Bank is forced to make, and take a critical view of how its policies impact on wider society. Third, the UK economy is increasingly unbalanced and skewed towards asset price inflation. Banks pour money into bidding up the value of pre-existing assets, with only £1 in every £10 they lend supporting non-financial firms. The next governor must seriously consider introducing measures to guide credit away from speculation towards productive activities.
As the world around it changes, the function of the Bank itself must evolve. Its current mandate and tools are increasingly coming into question, and a future government may assign the Bank with a new mission. The next governor must meet this with an open mind, not seek to preserve the status quo. To equip the Bank to meet the challenges of the future, the new governor will also need to ensure it benefits from a greater diversity of backgrounds, experience and perspectives throughout the organisation. The Bank of England’s own stated purpose is to promote the good of the people. We need a governor genuinely committed to serving the whole of society, not just financial markets.As the world around it changes, the function of the Bank itself must evolve. Its current mandate and tools are increasingly coming into question, and a future government may assign the Bank with a new mission. The next governor must meet this with an open mind, not seek to preserve the status quo. To equip the Bank to meet the challenges of the future, the new governor will also need to ensure it benefits from a greater diversity of backgrounds, experience and perspectives throughout the organisation. The Bank of England’s own stated purpose is to promote the good of the people. We need a governor genuinely committed to serving the whole of society, not just financial markets.
Fran Boait Positive MoneyJosh Ryan-Collins UCL IIPPJohn Sauven Greenpeace UKTom Kibasib IPPRCraig Bennett Friends of the Earth (England, Wales & Northern Ireland)Will Hutton Author and academicPatrick Allen Progressive Economy ForumFaiza Shaheen ClassAnn Pettifor Prime EconomicsKate Raworth University of OxfordChristopher Pissarides London School of EconomicsYanis Varoufakis University of AthensPrem Sikka University of SheffieldDanny Dorling University of OxfordAsad Rehman War on WantGuy Standing SoasDavid Hillman Stamp Out PovertyCatherine Howarth ShareActionMaeve Cohen Rethinking EconomicsJonathan Michie University of OxfordNatalie Sharples Health Poverty ActionJoe Guinan The Democracy CollaborativeNick Dearden Global Justice NowSteve Keen UCL Institute for Strategy, Resilience & SecurityJason Hickel Goldsmiths, University of LondonTony Greenham Royal Society of ArtsJohnna Montgomerie Kings College LondonJohn Weeks SoasFrances Coppola Financial commentator and authorDimitri Zenghelis Cambridge UniversityRick Van Der Ploeg University of OxfordMolly Scott Cato University of RoehamptonBen Carpenter Social Value UKPhilippe Aghion London School of EconomicsFelix Fitzroy St AndrewsMarianne Sensier University of ManchesterChristine Cooper University of EdinburghElisa Van Waeyenberge SoasRoberto Veneziani Queen Mary University of LondonAndrew Denis City UniversityStewart Lansley University of BristolDimitris Sotiropoulos Open University UKUlrich Volz SoasPanicos Demetriades University of LeicesterMaria Nikolaidi University of GreenwichJulia Steinberger University of LeedsSue Konzelmann Birkbeck UniversityRoger Seifert Wolverhampton Business SchoolOzlem Onaran University of GreenwichNeil Lancastle De Monfort UniversityYannis Dafermos University of the West of EnglandAlberto Botta University of GreenwichDavid Tyfield Lancaster UniversityKate Pickett University of YorkPhilip Haynes University of BrightonRichard Wilkinson University of NottinghamPeter Sweatman Climate Strategy & PartnersDavid Graeber LSERichard Murphy City UniversityJohn Christensen Tax Justice UKAnna Laycock Finance Innovation LabColin Hines Green New Deal GroupSarah-Jayne Clifton Jubilee Debt CampaignLine Christensen Jubilee ScotlandStewart Wallis Wellbeing Economy AllianceBenjamin Braun Max Planck Institute for the Study of Societies (MPIfG)Fiona Dove The Transnational InstituteAnnelise Riles Buffett Institute for Global StudiesEllen Brown Public Banking InstituteJohan Frijns BanktrackBenoît Lallemand Finance WatchJoshua Farley International Society for Ecological EconomicsOle Bjerg Copenhagen Business SchoolStephany Griffith-Jones Columbia UniversityDavid Boyle The New Weather InstituteMark Blyth Brown UniversityBernard Barthalay Université Lumière (Lyon)Giorgos Kallis Universitat Autònoma de BarcelonaJean-Marc Ferry Alliance EuropaJoseph Huber Martin Luther University of Halle-WittenbergLadislau Dowbor Catholic University of São PauloLivio Di Matteo Lakehead UniversityMarc Lavoie University of OttawaMark Sanders Utrecht UniversitySergio Rossi University of Fribourg, SwitzerlandMichel Lepetit The Shift ProjectDirk Ehnts Technical University of ChemnitzJohann Walter Westfälische Hochschule GelsenkirchenSteven Hail University of AdelaideLudovic Desmedt University of BurgundyTerrence McDonough National University of Ireland GalwayRodrigo Fernandez Centre for Research on Multinational Corporations (SOMO)Jean Luc de Meulemeester The Solvay Brussels School of Economics and Management Fran Boait Positive MoneyJosh Ryan-Collins UCL IIPPJohn Sauven Greenpeace UKTom Kibasi IPPRCraig Bennett Friends of the Earth (England, Wales & Northern Ireland)Will Hutton Author and academicPatrick Allen Progressive Economy ForumFaiza Shaheen ClassAnn Pettifor Prime EconomicsKate Raworth University of OxfordChristopher Pissarides London School of EconomicsYanis Varoufakis University of AthensPrem Sikka University of SheffieldDanny Dorling University of OxfordAsad Rehman War on WantGuy Standing SoasDavid Hillman Stamp Out PovertyCatherine Howarth ShareActionMaeve Cohen Rethinking EconomicsJonathan Michie University of OxfordNatalie Sharples Health Poverty ActionJoe Guinan The Democracy CollaborativeNick Dearden Global Justice NowSteve Keen UCL Institute for Strategy, Resilience & SecurityJason Hickel Goldsmiths, University of LondonTony Greenham Royal Society of ArtsJohnna Montgomerie Kings College LondonJohn Weeks SoasFrances Coppola Financial commentator and authorDimitri Zenghelis Cambridge UniversityRick Van Der Ploeg University of OxfordMolly Scott Cato University of RoehamptonBen Carpenter Social Value UKPhilippe Aghion London School of EconomicsFelix Fitzroy St AndrewsMarianne Sensier University of ManchesterChristine Cooper University of EdinburghElisa Van Waeyenberge SoasRoberto Veneziani Queen Mary University of LondonAndrew Denis City UniversityStewart Lansley University of BristolDimitris Sotiropoulos Open University UKUlrich Volz SoasPanicos Demetriades University of LeicesterMaria Nikolaidi University of GreenwichJulia Steinberger University of LeedsSue Konzelmann Birkbeck UniversityRoger Seifert Wolverhampton Business SchoolOzlem Onaran University of GreenwichNeil Lancastle De Monfort UniversityYannis Dafermos University of the West of EnglandAlberto Botta University of GreenwichDavid Tyfield Lancaster UniversityKate Pickett University of YorkPhilip Haynes University of BrightonRichard Wilkinson University of NottinghamPeter Sweatman Climate Strategy & PartnersDavid Graeber LSERichard Murphy City UniversityJohn Christensen Tax Justice UKAnna Laycock Finance Innovation LabColin Hines Green New Deal GroupSarah-Jayne Clifton Jubilee Debt CampaignLine Christensen Jubilee ScotlandStewart Wallis Wellbeing Economy AllianceBenjamin Braun Max Planck Institute for the Study of Societies (MPIfG)Fiona Dove The Transnational InstituteAnnelise Riles Buffett Institute for Global StudiesEllen Brown Public Banking InstituteJohan Frijns BanktrackBenoît Lallemand Finance WatchJoshua Farley International Society for Ecological EconomicsOle Bjerg Copenhagen Business SchoolStephany Griffith-Jones Columbia UniversityDavid Boyle The New Weather InstituteMark Blyth Brown UniversityBernard Barthalay Université Lumière (Lyon)Giorgos Kallis Universitat Autònoma de BarcelonaJean-Marc Ferry Alliance EuropaJoseph Huber Martin Luther University of Halle-WittenbergLadislau Dowbor Catholic University of São PauloLivio Di Matteo Lakehead UniversityMarc Lavoie University of OttawaMark Sanders Utrecht UniversitySergio Rossi University of Fribourg, SwitzerlandMichel Lepetit The Shift ProjectDirk Ehnts Technical University of ChemnitzJohann Walter Westfälische Hochschule GelsenkirchenSteven Hail University of AdelaideLudovic Desmedt University of BurgundyTerrence McDonough National University of Ireland GalwayRodrigo Fernandez Centre for Research on Multinational Corporations (SOMO)Jean Luc de Meulemeester The Solvay Brussels School of Economics and Management
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EconomicsEconomics
Bank of EnglandBank of England
Mark CarneyMark Carney
Economic policyEconomic policy
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