David Blanchflower: I suspect that the list of those who want to do it is going to be very short

This is a really important job that most people wouldn't touch

The advert for the next Governor of the Bank of England is unlikely to be a game changer. It seems rather unlikely that there is some secret candidate out there that nobody knows about who would see the advert and think "that's the job for me".

I assume that the Treasury has hired a firm of search consultants who are secretly running around the world speaking to people like Tim Geithner, the US Treasury Secretary, who is giving up his job in January, whether President Obama wins or not. He was the president of the New York Fed, and had a permanent vote on the Federal Open Market Committee, and so knows a thing or two. He would actually be a great choice, but he is likely to have lots of other well-paying options that may well look better.

I do speak though from personal interest here, as I am hoping he takes the job as Dartmouth College president, after he appointed our last president, Jim Kim, to the head job at the World Bank a few months ago.

There are a couple of other Ivy League president's jobs going too, at Princeton and Yale, and these are likely better paid than the Bank of England job. We don't know the salary, but Sir Mervyn King was making just over £300,000, which is well below a US university president's salary – plus they get a house.

A good place to look for who is the frontrunner is at Paddypower, which has Paul Tucker at 6/4 favourite; Adair Turner at 3/1; Gus O'Donnell at 11/4; Mark Carney at 11/2; Jim O'Neill at 7/1; and Harry Redknapp at 1,000/1.

I have written many times that I just don't think Tucker is up to the job and doesn't even have a postgraduate degree; he just doesn't have the smarts, and did not even spot the oncoming financial crisis. His fumblings over the Libor have made him look like a buffoon.

It is also clear that the Bank of England has not performed well during the crisis, and a new brush is needed to sweep the place clean after the tyrannical years of Sir Mervyn.

That said, I do think there is one very exciting internal candidate who might well be great at the job, and that is Andy Haldane, who has many original ideas and is obviously really smart.

Turner and O'Donnell seem viable candidates; we are going to hear from Turner at a speech next week on his views on how he thinks the Bank of England can help us to get out of this mess. He has made it known that he favours more non-conventional monetary policy.

At some point Gus O'Donnell has to tell us what he is for: it seems unlikely he can just fall into the job as the Jim Hacker candidate. Does he actually want the job?

Jim O'Neill may be a runner, although not being Oxbridge – he has a PhD from the University of Surrey, where I used to teach, and a First degree from Sheffield – and being a Man Utd fan may count against him.

I understand the job is actually Sir John Vickers' if he wants it – he does have significant, economic credentials, and was chief economist at the BoE, but he has a pretty nice job already, as warden of All Souls College at Oxford University, that he may well be reticent to give up.

This is a really important job that most people wouldn't touch with a 10ft pole. I suspect the list of candidates who want to do it and are acceptable to Cameron and Osborne is pretty short. I suspect they aren't going to call me.

The author is a former member of the Bank of England's Monetary Policy Committee and economics professor at Dartmouth College in the US

Voices
On the last day of campaigning before the polling booths open, the SNP leader has written to voters in a final attempt to convince them to vote for independence
voicesIs a huge gamble on oil keeping the First Minister up at night?
Life and Style
tech

Apple has been hit by complaints about the 1.1GB download

Arts and Entertainment
Liam Neeson said he wouldn't
tv

Liam Neeson's Downton dreams

Sport
A 'Sir Alex Feguson' tattoo
football

PROMOTED VIDEO
Arts and Entertainment
Ben Whishaw is replacing Colin Firth as the voice of Paddington Bear
tv

Thriller is set in the secret world of British espionage

Life and Style
life

Life and Style
fashion

Bomber jacket worn by Mary Berry sells out within an hour

Life and Style
Alexander McQueen A/W 2014
fashionPolitics aside, tartan is on-trend again this season
Arts and Entertainment
Rapper Jay Z performs on the Pyramid Stage at Glastonbury in 2008
musicSinger sued over use of the single-syllable sample in 'Run This Town'
Sport
Joel jumps over the board...and into a giant hole
footballFrom joy to despair in a matter of seconds
News
ebooksAn unforgettable anthology of contemporary reportage
News
i100
Arts and Entertainment
Pointless host Alexander Armstrong will voice Danger Mouse on CBBC
tv

Much-loved cartoon character returns - without Sir David Jason

Arts and Entertainment
Meera Syal was a member of the team that created Goodness Gracious Me
tv

Actress to appear in second series of the hugely popular crime drama

Arts and Entertainment
The former Doctor Who actor is to play a vicar is search of a wife
film

Matt Smith is set to join cast of the Jane Austen classic - with a twist

Life and Style
i100

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Property Underwriter

£70-90,000: Saxton Leigh: Our client a London Market Insurer are seeking a Pro...

Operational Risk Manager - Asset Management

£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...

Trainee Recruitment Consultant Birmingham

£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...

Day In a Page

Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam
'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

Exclusive extract from Janis Winehouse's poignant new memoir
Is this the role to win Cumberbatch an Oscar?

Is this the role to win Cumberbatch an Oscar?

The Imitation Game, film review
England and Roy Hodgson take a joint step towards redemption in Basel

England and Hodgson take a joint step towards redemption

Welbeck double puts England on the road to Euro 2016
Relatives fight over Vivian Maier’s rare photos

Relatives fight over Vivian Maier’s rare photos

Pictures removed from public view as courts decide ownership
‘Fashion has to be fun. It’s a big business, not a cure for cancer’

‘Fashion has to be fun. It’s a big business, not a cure for cancer’

Donatella Versace at New York Fashion Week