In September, Positive Money coordinated a joint letter from a cross-party group of MPs calling on the government to publish the shortlist of candidates to be the next Bank of England governor. We argued that doing so would ensure greater public trust in the appointment process.
The letter received widespread media attention and has now prompted public responses from the current governor Mark Carney, and chancellor Sajid Javid who both agreed the shortlist should remain secret.
In a letter to Catherine West MP, which we’re publishing today, the chancellor defended his decision, saying that ‘scrutiny in advance of the appointment stage must be proportionate’, and that there is a need to consider the potential for ‘destabilising speculation within financial markets associated with this decision’.
Javid also points to the ‘established practice’ of candidates being…