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Ugandan-born Vadera on list of contenders for top job at Bank of England

Ugandan born, Baroness Vadera

London, United Kingdom | AFP | Departing Bank of England governor Mark Carney insisted Tuesday that there is sufficient time to hand over to his successor, despite Brexit chaos.

Canadian Carney, 54, leaves his role on January 31 having extended his tenure twice on turmoil over Britain’s looming exit from the European Union.

“The commitment is to have an orderly transition from myself to the next governor. There is ample time in order to accomplish that,” Carney said.

Here is a list of the potential candidates amid speculation that his successor could be the institution’s first female chief.

– Shriti Vadera –

Baroness Shriti Vadera, a former investment banker, was also a business minister at the time of the notorious 2008 global financial crisis.

She served in then-Prime Minister Gordon Brown’s Labour government between 2007 and 2009.

Uganda-born Vadera has been chairwoman of Santander UK since March 2015, making her one of the few women to lead a major UK bank.

Shriti Vadera was born in Uganda, East Africa, to an Indian family on June 23, 1962. Her family owned and operated a small tea plantation until 1972, when they were exiled from Uganda, following President Idi Amin’s expulsion of Ugandan Asians from the country. Her family initially fled to India.

– Minouche Shafik –

Egypt-born Shafik served as a deputy governor at the Bank of England between 2014 and 2017.

A combination of pictures created in London on October 14, 2019 shows (L-R top row) Chief Executive Officer of the Financial Conduct Authority Andrew Bailey, Bank of England Deputy Governor Nemat Shafik, Deputy Governor of the Bank of England Jon Cunliffe, (bottom L-R) Helena Morrissey, formerly of Legal & General, Bank of England Deputy Governor Ben Broadbent, and Baroness Shriti Vadera, chair of Santander UK, all candidates to succeed Mark Carney as the next Governer of the Bank of England. – Chief Executive Officer of the Financial Conduct Authority Andrew Bailey is considered by some as the favourite next year to succeed Mark Carney as the governor of the Bank of England with other candidates including Shafik, Broadbent, Cunliffe, Morrissey and Vadera. PHOTO AFP

She was also the youngest vice-president in the history of the World Bank at 36 years old, and spent a total of 11 years at the institution.

The Oxford-educated economist has also been director of the prestigious London School of Economics since 2017.

– Andrew Bailey –

Bailey was formerly a deputy governor of the BoE between 2013 and 2016, having first joined the central bank back in 1985.

He currently heads the Financial Conduct Authority regulator.

The Times daily newspaper reported in June that Bailey was the favourite owing to his extensive experience inside and outside the BoE.

– Helena Morrissey –

Dame Helena Morrissey resigned from Britain’s biggest asset manager Legal & General earlier this month, sparking speculation she could make a run for the top BoE post.

Vocal Brexit supporter Morrissey is a mother of nine children and also founded the “30% Club” pressure group, which campaigned for at least 30-percent female representation on FTSE 100 boards.

– Gerard Lyons –

Brexit-supporting Lyons was a former economic advisor to Boris Johnson when he was Mayor of London.

He has served at a variety of banks since the 1980s, and was chief economist at emerging markets lender Standard Chartered between 1999 and 2012.

However, reports suggest Lyons is an outsider to replace Carney.

– Jon Cunliffe –

At 66 years of age, Sir Jon Cunliffe is the oldest of the likely contenders.

He was appointed a BoE deputy governor in 2013 with specific responsibility for financial stability, and for supervision and oversight of financial market infrastructure.

Sir Jon held a series of senior government posts and served as second permanent secretary to the Treasury between 2002 and 2007.

– Ben Broadbent –

Broadbent has been a deputy governor since 2014 and was formerly an external member of the bank’s rate-setting monetary policy committee from 2011.

The former Goldman Sachs economist is now tasked with overseeing the BoE’s International macroeconomic strategy and analysis.

Broadbent was forced to apologise last year for declaring that the British economy was “menopausal” after passing its productive peak.

 

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