The new Bank of England chief will have plenty to keep them busy
There was a time when running the Bank of England was a family affair.
The inaugural governor Sir John Houblon (1694-1697) was followed a few years later by his younger brother Abraham Houblon, who took charge of the Old Lady from 1703 to 1705.
There have been 116 governors since Houblon Jnr, and all of them men. Little wonder that the formal announcement of Mark Carney’s departure has sparked a conversation about the merits of appointing the first female governor in the Bank’s history.
Canadian Carney was the first non-Brit appointed to the role, breaking down something of a barrier – if not a glass ceiling. His tenure has been characterised by three things: post-crisis reform, a low-rate environment and Brexit. Taken together, chancellor Philip Hammond this week praised Carney’s “steady hand”.
So is the time right for more active hands to take over? Two of the names in frame, Bank chief economist Andy Haldane and former governor of the Reserve Bank of India are both big thinkers and would represent something of a flamboyant choice.
A more technocratic candidate could emerge from one of the Bank’s crop of current deputy governors. FCA head Andrew Bailey appears to be the frontrunner, and would surely be a perfectly sensible choice.
But what of the potential for a bit of mould breaking? Rupert Harrison, former right-hand-man to chancellor George Osborne has tipped former Bank deputy governor Minouche Shafik and current Ofcom head Sharon White as “credible candidates.” Both are successful and impressive – and either would represent a clear changing of the guard.
Whoever gets the job will have to steer Britain into a post-Brexit world and could well be confronted by a hard-left Labour government’s attempt to claw away at the Bank’s independence. Let’s hope the successful candidate is up for the fight.
Tough to swallow
Tory MP Johnny Mercer is ruffling feathers. The former marine has been touring Conservative associations, promoting himself on social media and irritating whips whose job it is to cajole MPs into voting the right way.
There’s a lot of hype around Mercer – not all of it justified – but he’s an interesting character and certainly isn’t afraid to challenge the party he represents. Reports emerged before Easter that his former comrades from the war in Afghanistan had been called up by Tory MPs looking for dirt on this rising star.
This week he issued a furious statement in response to allegations that an organisation he works with (helping veterans into work) had financial links with the collapsed and scandal-hit firm London Capital & Finance.
Mercer says the story is part of a “co-ordinated attempt” to smear him. Tory whips deny all knowledge of it and lawyers are involved. For Mercer it’s evidence that politics can be almost as brutal as the battlefield.
Wining and dining in the City
In response to a veritable flood of emails asking for my advice on the City’s best lunch spots (no fewer than three of you have asked in recent weeks), I’m pleased to share my top tips for a thoroughly enjoyable meal.
Start in the heart of the City with One Lombard Street, a 20-year-old institution serving fast, classic food and offering a heavyweight wine list.
Its trendy younger cousin, Ekte, (both are owned by banker-turned-restauranter Soren Jessen) has opened in Bloomberg Arcade and brings a cool Nordic breeze to the Square Mile’s streets.
Behind the Bank of England sits M, offering by far the best meat in the City and another top-drawer wine list.
Over the road from that is Le Relais de Venise which takes the decision out of your hands by serving only steak and frites.
It puts one in mind of lunch on the slopes. A stone’s throw from there is Coya, a stunning Peruvian venture that encourages decadence and celebration. Not one to walk past.
So, there you have it. Never let it be said I don’t respond to emails.