The City watchword before, during and after the election has been “certainty”. Certainty over the death of Corbynism, certainty over the second referendum, certainty over Brexit.
But there’s been precious little in the way of certainty around the identity of the next Governor of the Bank of England. Until today.
The extended term of Mark Carney, was due to end in January, yet — fully nine months after the post was first advertised — the City had been kept waiting about his successor.
Much of the delay has been down to a split between Numbers 10 and 11 Downing Street. Chancellor Sajid Javid favoured Minouche Shafik, director of the London School of Economics. He thought her eminently capable of doing the job, with the added benefit of not being a white man.
Boris Johnson, though, preferred the “safe hands” candidate, Andrew Bailey, worrying that Shafik was too loudly anti-Brexit.
While the appointment is nominally in the Chancellor’s gift, it is really the PM who calls it. And in this judgment Johnson is right. Of course the Governor should be independent, but to have one implacably opposed to the most important Government policy of all would be senseless.
Bailey’s appointment will be greeted with scorn by victims of the LCF and Woodford scandals. But he’s obsessively hard-working, intelligent and understands what makes the City tick. He may not bring fireworks, but we want a steadying influence in this job, not a showman. Bailey will make a good Governor. He was always the best candidate for the job. We wish him the best of luck.
