We are in severe danger of having a reduced Bank of England governor

The Bank of England governor carries authority and objectivity, we are in danger of losing that, writes Chris Blackhurst

Friday 12 February 2021 21:30
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<p>Bailey’s tenure at the  Financial Conduct Authority was torrid  </p>

Bailey’s tenure at the Financial Conduct Authority was torrid

In our society, few jobs command as much respect as governor of the Bank of England. It’s a post that carries authority and objectivity, above the unseemly fray of politics, something removed and untouchable.

I’ve been to the Bank on several occasions and had lunch or coffee with the governor, and from the moment you walk through the grand entrance, inside those thick walls, the outside world, the hurly-burly of the City and the markets just beyond, falls away. It’s a place of caution and serious thought.

When Mervyn King was in charge I remember thinking it could feel too distant – that global finance was in crisis, yet in the Bank all appeared calm. King though, to his credit, was the one who was able to warn of creating a “moral hazard” by jumping in to rescue banks that had behaved recklessly.

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