UK begins search for new Bank of England governor

The British government on Wednesday kick-started the process to appoint the successor to Mark Carney as governor of the Bank of England, and indicated it was not limiting its search to British candidates. Carney, a Canadian who in July 2013 became the first foreigner to head the Bank of England, has said he is standing down from his role at the end of January 2020. Carney has already extended his departure on two occasions in order to deal with the aftermath of the country's vote in June 2016 to leave the European Union. The Treasury said it is using a specialist executive search agency and said Carney's replacement should be announced in the autumn. Treasury chief Philip Hammond told a committee of lawmakers that his preference is that Carney's replacement will serve an eight-year term as has been the case traditionally.