Next Bank of England Governor must serve whole of society – WEAll proud to sign open letter

WEAll’s Chair Stewart Wallis is a proud signatory of an open letter this week in The Guardian, calling for the next Bank of England Governor to serve the whole of society.

Stewart’s endorsement comes alongside that of 94 other leaders inlcuding many WEAll members, Ambassadors and friends.

See the whole letter below and in the Guardian here.

“94 academics and representatives of civil society organisations call for Mark Carney’s successor to be someone who will foster a pluralistic policymaking culture
Mark Carney
 ‘The next governor must build on Mark Carney’s legacy,’ say the signatories to this letter. Photograph: Facundo Arrizabalaga/EPA

Eleven o’clock on Wednesday evening is the deadline for applicants to put themselves forward to be the next governor of the Bank of England. Candidates are asked to commit to an eight-year term lasting until 2028. By then the world will be a very different place. Three key trends will shape their time in post.

First, environmental breakdown is the biggest threat facing the planet. The next governor must build on Mark Carney’s legacy, and go even further to act on the Bank’s warnings by accelerating the transition of finance away from risky fossil fuels. Second, rising inequality, fuelled to a significant extent by monetary policy, has contributed to a crisis of trust in our institutions. The next governor must be open and honest about the trade-offs the Bank is forced to make, and take a critical view of how its policies impact on wider society. Third, the UK economy is increasingly unbalanced and skewed towards asset price inflation. Banks pour money into bidding up the value of pre-existing assets, with only £1 in every £10 they lend supporting non-financial firms. The next governor must seriously consider introducing measures to guide credit away from speculation towards productive activities.

As the world around it changes, the function of the Bank itself must evolve. Its current mandate and tools are increasingly coming into question, and a future government may assign the Bank with a new mission. The next governor must meet this with an open mind, not seek to preserve the status quo. To equip the Bank to meet the challenges of the future, the new governor will also need to ensure it benefits from a greater diversity of backgrounds, experience and perspectives throughout the organisation. The Bank of England’s own stated purpose is to promote the good of the people. We need a governor genuinely committed to serving the whole of society, not just financial markets.

Fran Boait Positive Money
Josh Ryan-Collins UCL IIPP
John Sauven Greenpeace UK
Tom Kibasi IPPR
Craig Bennett Friends of the Earth (England, Wales & Northern Ireland)
Will Hutton Author and academic
Patrick Allen Progressive Economy Forum
Faiza Shaheen Class
Ann Pettifor Prime Economics
Kate Raworth University of Oxford
Christopher Pissarides London School of Economics
Yanis Varoufakis University of Athens
Prem Sikka University of Sheffield
Danny Dorling University of Oxford
Asad Rehman War on Want
Guy Standing Soas
David Hillman Stamp Out Poverty
Catherine Howarth ShareAction
Maeve Cohen Rethinking Economics
Jonathan Michie University of Oxford
Natalie Sharples Health Poverty Action
Joe Guinan The Democracy Collaborative
Nick Dearden Global Justice Now
Steve Keen UCL Institute for Strategy, Resilience & Security
Jason Hickel Goldsmiths, University of London
Tony Greenham Royal Society of Arts
Johnna Montgomerie Kings College London
John Weeks Soas
Frances Coppola Financial commentator and author
Dimitri Zenghelis Cambridge University
Rick Van Der Ploeg University of Oxford
Molly Scott Cato University of Roehampton
Ben Carpenter Social Value UK
Philippe Aghion London School of Economics
Felix Fitzroy St Andrews
Marianne Sensier University of Manchester
Christine Cooper University of Edinburgh
Elisa Van Waeyenberge Soas
Roberto Veneziani Queen Mary University of London
Andrew Denis City University
Stewart Lansley University of Bristol
Dimitris Sotiropoulos Open University UK
Ulrich Volz Soas
Panicos Demetriades University of Leicester
Maria Nikolaidi University of Greenwich
Julia Steinberger University of Leeds
Sue Konzelmann Birkbeck University
Roger Seifert Wolverhampton Business School
Ozlem Onaran University of Greenwich
Neil Lancastle De Monfort University
Yannis Dafermos University of the West of England
Alberto Botta University of Greenwich
David Tyfield Lancaster University
Kate Pickett University of York
Philip Haynes University of Brighton
Richard Wilkinson University of Nottingham
Peter Sweatman Climate Strategy & Partners
David Graeber LSE
Richard Murphy City University
John Christensen Tax Justice UK
Anna Laycock Finance Innovation Lab
Colin Hines Green New Deal Group
Sarah-Jayne Clifton Jubilee Debt Campaign
Line Christensen Jubilee Scotland
Stewart Wallis Wellbeing Economy Alliance
Benjamin Braun Max Planck Institute for the Study of Societies (MPIfG)
Fiona Dove The Transnational Institute
Annelise Riles Buffett Institute for Global Studies
Ellen Brown Public Banking Institute
Johan Frijns Banktrack
Benoît Lallemand Finance Watch
Joshua Farley International Society for Ecological Economics
Ole Bjerg Copenhagen Business School
Stephany Griffith-Jones Columbia University
David Boyle The New Weather Institute
Mark Blyth Brown University
Bernard Barthalay Université Lumière (Lyon)
Giorgos Kallis Universitat Autònoma de Barcelona
Jean-Marc Ferry Alliance Europa
Joseph Huber Martin Luther University of Halle-Wittenberg
Ladislau Dowbor Catholic University of São Paulo
Livio Di Matteo Lakehead University
Marc Lavoie University of Ottawa
Mark Sanders Utrecht University
Sergio Rossi University of Fribourg, Switzerland
Michel Lepetit The Shift Project
Dirk Ehnts Technical University of Chemnitz
Johann Walter Westfälische Hochschule Gelsenkirchen
Steven Hail University of Adelaide
Ludovic Desmedt University of Burgundy
Terrence McDonough National University of Ireland Galway
Rodrigo Fernandez Centre for Research on Multinational Corporations (SOMO)
Jean Luc de Meulemeester The Solvay Brussels School of Economics and Management”

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