Minouche Shafik: ‘The idea that you are successful because you are hardworking is pernicious’
Minouche Shafik seemed destined for the top job at the Bank of England when she arrived in 2014, but becoming the first female governor was not to be.
She only spent two years inside the Bank’s imposing offices on Threadneedle Street before quitting as deputy governor to head the London School of Economics.
Rumours swirled that she had fallen out with her boss, Mark Carney, newly arrived himself and armed with plans to shake up the 300 year-old central bank. Now, sitting in her top-floor office with panoramic views across London near Waterloo Bridge, she smiles and responds with the diplomacy for which she is known. “Oh, come on: the LSE job offer was too good to miss.”
If she were in Threadneedle Street now, how would Shafik be voting? The interest-rate-setting committee meets next month and investors expect a rise to 0.5%.
With inflation at a 30-year high of 5.4% and heading above 6%, she believes the Bank’s credibility is at stake.
“I have heard the argument that somehow central banks have lost their mojo, but I don’t buy it,” she says. “They know how to bring inflation down.” However, she adds: “There is a question over the bank’s willingness to act – and over how rate rises are communicated, because there is an
Age 59Family Married with two college-age children and three adult stepchildren.Education Too many schools and colleges to mention.Pay Basic salary of £348,000 plus pension and accommodation allowance.Last holiday Venice.Best advice she’s been given “From my dad, that everything can be taken away but your education.”Biggest career mistake “Nothing that could be published.”Word she overuses “A toss-up between ‘community’ and ‘evidence’.” How she relaxes Reading, walking and yoga.
impact on businesses and households.
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