Arab Press

بالشعب و للشعب
Friday, Aug 01, 2025

Could Bank of England get its first female governor?

Could Bank of England get its first female governor?

The Bank of England may see its first female governor in over 300 years if the current government remains in power after the general election in December.

Egyptian-born Dame Minouche Shafik is the current government's favoured candidate to succeed Mark Carney when his term ends in January of next year.

However, the government feels it would be inappropriate to name a successor to one of the most important economic posts in the UK before the results of the election on 12 December.

A change of government in December would see a change in chancellor - the person who recommends the choice of governor.

The role of governor of the Bank of England is one of the most powerful positions in the UK. The bank is responsible for setting interest rates and policing the stability and behaviour of the UK's financial sector.

Although the governor is only one of a committee of nine people who set interest rates, he or she wields enormous influence over the way the UK's financial system is run.

Given the UK's position as arguably the world's most important financial centre, the job comes with global influence.

Dame Nemat Talaat Shafik, who is 57 and more commonly referred to as Minouche, has already served as a deputy governor of the bank and is currently director of the London School of Economics.

Other candidates for the role include Andrew Bailey, chief executive of the Financial Conduct Authority; Shriti Vadera, chair of Santander UK; and Ben Broadbent, Jon Cunliffe and Paul Tucker - all former or current deputy governors at the Bank.


Hawk or dove?


One former Bank of England insider told the BBC "she would be a very popular appointment internally. She has very good people skills which not all the other candidates do."

The most important question perhaps is whether this potential new governor is seen as a "hawk" or a "dove".

A hawk is someone who would rather raise interest rates early to head off inflation by increasing the cost of loans to discourage borrowing and spending.

A dove is someone who would rather wait and see whether cheap borrowing really leads to debt-fuelled spending before raising the rates at which consumers and home buyers can borrow.

Dame Minouche - who received her damehood in 2015 - has described herself in the past as an "owl" who would be "wise" when setting the rates at which we all borrow.

The incumbent government may have chosen its preferred governor. But it would perhaps be unwise to assume whether it gets to make that call.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
×