Perhaps the most powerful unelected official in the UK, the Governor of the Bank of England will be more important than ever as the UK navigates Brexit and fights to avoid a new recession. Whether the Bank is successful at combating Brexit’s negative economic effects will determine Philip Hammond’s capacity to fund UK universities and to include them in his new plans for borrowing to invest. Carney had clearly prepared the Bank for a Leave vote and was quick to reassure financial markets on the morning of June 24th, being far more visible than the now former Chancellor of the Exchequer. The Bank’s decision to cut interest rates to a new record low has also shaken global finance and there are rumours abound of taking the remarkable step of zero or negative interest rates in order to stimulate spending.
Carney’s place on our list is also representative of how more and more universities are putting their fate in the hands of financial markets. Eight had their credit ratings cut after Brexit, and institutions are increasingly leveraging their assets in order to generate capital for ongoing investment. Whether this has created undue risk or is simply an intelligent use of financial muscle remains to be seen.