11:26

The Bank of England’s early-access breach has broader implications for the new governor’s role, according to former rate-setter Andrew Sentance.

Successive governors have taken on greater and greater responsibilities. These range from dealing with intense scrutiny over every word in market-sensitive interest rate announcements to running a large organisation with significant security duties.

Sentance told us that Mark Carney’s replacement, due to be announced soon, should change tack:

“One of the weaknesses of the Bank’s organisation is too much power is concentrated in the governor. “If I was making a recommendation it would be to act more as a chairman and less as a chief executive.”

The Bank only appointed its first chief operating officer in 2012 to look after the day-to-day running of the Threadneedle Street headquarters and its various regional outposts, but the governor still has overarching responsibility.

Economic responsibilities were formerly more spread between the nine members of the monetary policy committee. When he was chief economist Mervyn King answered most of the monetary policy questions, but he did not then relinquish that responsibility, setting a precedent for the governor to be the public figurehead.

The number of deputy governors has increased to four, but the governor has nevertheless ended up with more work, Sentance added.