Mervyn King is surely right that the government’s handling of Brexit has been incompetent. But at least Brexit is a uniquely difficult problem. The appointment of a governor of the Bank of England by contrast should be pretty straightforward. Yet this time the process has been an embarrassing shambles.

As with Brexit, the government appears to have taken the role of supplicant. Events seem to have been dictated more by Mark Carney’s convenience than by the needs of the country. The fiasco has hurt the reputation of the government and the independence of the Bank. It could also damage the standing of Carney’s ultimate successor.