The UK Government will for the first time publicly advertise for a new deputy governor at the Bank of England as it kicks off its search for a successor to Sir John Gieve, who will stand down once new banking legislation coming into force next year broadens its financial stability powers.

Previously, the UK Chancellor of the Exchequer has taken advice from officials at the Bank of England and the UK Treasury, before advising the Queen on his recommendations for the Bank of England’s governor and deputy governors. The appointments are then officially made by the Queen.