Former RBI governor Raghuram Rajan. (Abhijit Bhatlekar/Mint)
Former RBI governor Raghuram Rajan. (Abhijit Bhatlekar/Mint)

Raghuram Rajan didn’t apply for top job at Bank of England

  • Raghuram Rajan was named as the second most likely to get the job
  • Former Federal Reserve Chair Janet Yellen also didn’t apply for the post of Bank of England Governor

Former Reserve Bank of India (RBI) Governor Raghuram Rajan did not apply to replace Mark Carney as Bank of England Governor, according to a person familiar with the matter.

Rajan, who now teaches in Chicago, was named as the second most likely to get the job by economists surveyed by Bloomberg News. He trailed Andrew Bailey, the chief executive of the Financial Conduct Authority.

UK Chancellor of the Exchequer Philip Hammond started his search in April for a successor to Carney, who is due to leave at the end of January. 

Hammond, who is likely to exit the Treasury once a new prime minister takes office next week, had spoken of looking for a new governor with international experience.

Former Federal Reserve Chair Janet Yellen also didn’t apply, the person said.

The reluctance of international economists to step forward may boost the chances of domestic contenders such as Bailey or current BOE deputies, Andrew Haldane and Ben Broadbent.

The Financial Times was first to report that Rajan and Yellen hadn’t applied.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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