Nigel Farage’s economic policies are neurasthenically inconsistent, but he has opened the door to a debate we need to have about whether Gordon Brown’s settlement for the Bank of England is fit for purpose, says Eliot Wilson

Nigel Farage is a practised veteran at grabbing the headlines with a provocative-sounding but ultimately empty remark. Speaking to Bloomberg’s Mishal Husain recently, he raised the tenure of the Governor of the Bank of England, Andrew Bailey, and the institution’s independence from government.

Exuding his usual beery bonhomie, the Reform UK leader suggested that, if he became Prime Minister, he might seek to replace Bailey.

“He’s had a good run, we might find someone new… he’s a nice enough bloke.”

It was classic Farage, projecting a kind of unforced common sense without overt malice, but it conceals two significant flaws. The first is that Bailey’s term as Governor of the Bank of England comes to an end in March 2028 and is not renewable. However well Reform UK is performing in the opinion polls, the next general election need not be held until July 2029, and with Labour’s current approval ratings it is hard to see a rationale for Sir Keir Starmer gambling on an early contest. The likelihood is that Starmer will be the Prime Minister choosing Bailey’s successor.

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