Bank of England (Appointment of Governor) Bill

Debate between Mike Freer and Stephen Hammond

Friday 6th July 2012 Commons Chamber

[Stephen Hammond]

Let me finish the point. The Treasury Committee might have said, “How on earth can you as an insider bring insight into the rest of the system?”

[Mike Freer]

My hon. Friend makes a valid point about the Governor being likely to come from the world of banking. Given the close integration of all our major UK banks and the Treasury, how could we possibly find an independent banker?

[Stephen Hammond]

In this case, it would be for the judgment of the Treasury Committee or the Government. Someone with some financial experience might well be helpful in the current world.

This is not a filibuster, because this is exactly the point at which I am going to leave the history of the Governors of the Bank of England, merely making the point that the Treasury Committee might have rejected some of the candidates who have been appointed, even though they have been among the most excellent Governors of the Bank of England.