The chancellor is starting the process to find a new governor of the Bank of England as Mark Carney’s extended tenure nears its end.
The Treasury said in a statement that an advert for the job, which carries a salary of £480,000 a year along with a host of perks,would be posted on Wednesday morning.
Mr Carney has been in the role since post-crisis July 2013 and is due to step down on 31 January next year.
His tenure was twice extended to ensure stability ahead of Brexit.
The Canadian told Sky News in an interview earlier this month there was absolutely no chance of him staying beyond the 31 January date, despite continued uncertainty over the UK’s departure from the EU.
The issue has seen Mr Carney dragged into the political mire – with Brexit-supporting critics accusing him of bias and calling for his resignation.
In his statement, Philip Hammond said: His steady hand has helped steer the UK economy through a challenging period and we are now seeing stable, low inflation and the fastest wage growth in over a decade.
And under Mark’s leadership the Bank of England has been at the forefront of reforms to make our financial system safer and more accountable.
He added: In today’s rapidly evolving economy the role of governor is more important than ever.
Finding a candidate with the right skills and experience to lead the Bank of England is vital for ensuring the continuing strength of our economy and for maintaining the UK’s position as a leading global financial centre.
In the job description for the role, the Treasury said it welcomes candidates irrespective of age, gender, ethnicity, sexual orientation or disability.
It said they must also be able to commit to an eight-year term.
Top contenders are likely to include Bank veteran Andrew Bailey – currently at the helm of the Financial Conduct Authority – and Dame Minouche Shafik who is a former deputy governor.
Former Reserve Bank of India governor Raghuram Rajan would be expected to be among the names under top consideration if the Treasury was to look abroad again.
According to the online betting odds comparison service Oddschecker, Mr Bailey is currently the odds-on runaway favourite at 4/9.
He is followed by current deputy governors Sir Dave Ramsden at 7/2 and Ben Broadbent at 15/2.