U.K. Treasury Hunts for Broadbent Replacement at BOE

The U.K. Treasury began its search for a new member of the Bank of Englands rate-setting committee to replace Ben Broadbent, who will be promoted to be one of the deputy governors of the institution on July 1.

The government posted an advertisement on the Cabinet Office website for a candidate with strong and proven economics knowledge and skills and undisputed integrity. The appointee will start on July 1, before the July 9 and 10 policy meeting, the ad said.

The search for a new policy maker coincides with the biggest management shakeup since the central bank gained independence in 1997. Last week, Governor Mark Carney unveiled plans to create One Bank as the result of a strategy review by management consultants McKinsey & Co. As well as a swathe of internal promotions, Carney announced two new deputy governors, including Broadbent, who is currently an external member of the Monetary Policy Committee.

The appointment of external members to the MPC is designed to ensure that the committee benefits from thinking and expertise in addition to that gained inside the Bank of England, the ad said. Each member of the MPC has expertise in the field of economics and monetary policy. Members do not represent individual groups or areas. They are independent.

The position, which averages three days a week of work, pays 135,751 pounds ($225,500) a year. The closing date for applications is April 11 and interviews are expected to take place in London on April 29 or May 1, the ad said. The successful candidate is expected to be announced mid-May, it said.

To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net

To contact the editors responsible for this story: Craig Stirling at cstirling1@bloomberg.net Eddie Buckle

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U.K. Treasury Hunts for Broadbent Replacement at BOE