The Governor of the Bank of England
The Bank of England, established in 1694 is the central bank of the UK and at its helm is the position of governor.
Whoever assumes this role is responsible for the institution which lies at the heart of the UK’s financial system and as such is one of the most influential and powerful people in the economic and political status quo.
Being responsible for setting the level of interest rates throughout the country, the governor is inevitably key in controlling the level of inflation and hence the economic health of the nation. As the central book balancer, the governor may also decide to step in when there is an impending financial crisis, as in 2008/2009 when banks were bailed out, and must maintain the health of the entire banking system so that tax payers are not burdened with paying out for banks failing and going bust.
Currently the position is held by Canadian Mark Carney, the first non-Brit to occupy the role. Appointed by George Osborne in 2012, whilst Chancellor of the Exchequer in Cameron’s Tory led government, he is expected to stay in the role until June 2019 which means another governor will be ensconced in the role as Brexit unfolds.
Carney has persistently warned of the negative effects of Brexit on the British economy and as such has been accused by fervent leave campaigners of giving a biased view of the UK’s role in Europe.
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