Ministers are poised to kick off a search for the next chair of the Court of the Bank of England, a crucial role in holding the central bank to account and one of the City’s most important jobs.

Sky News has learnt that the Treasury will advertise shortly for a successor to Bradley Fried, who has chaired the Court since 2018.

His term is due to expire in June next year.

City sources said the process to recruit Mr Fried’s replacement was likely to get underway by the end of the month.

The Court is the Bank of England’s governing body, and is responsible for setting its objectives and strategy, and ensuring the effective discharge of the Bank’s functions and the most efficient use of its resources.

It plays no role, however, in the formulation of monetary policy.

The Bank and its governor, Andrew Bailey, are under particular scrutiny for pronouncements on interest rates in the context of inflationary pressures affecting the UK and global economies.

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The Court’s current members include Dorothy Thompson, the former chief executive of Drax, Baroness Harding, the former TalkTalk boss, and Frances O’Grady, the TUC general secretary.

It was unclear on Thursday whether any of the existing Court directors would apply to replace Mr Fried.

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Members, including the chair, are appointed by the Queen on the recommendation of the prime minister and chancellor.

The Treasury declined to comment.

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