Former UK finance minister George Osborne 'mulling IMF top job’

A number of contenders to replace Christine Lagarde have been named

Britain's former chancellor of the exchequer George Osborne. Oli Scarff / AFP

Former UK chancellor of the exchequer George Osborne is said to be considering putting himself forward for the job of head of the International Monetary Fund as a number of potential contenders to replace Christine Lagarde began to emerge.

Mr Osborne, who is currently editor of London newspaper the Evening Standard, told friends he believes his connections with the US and China will give him a fighting chance of being nominated, according to the Financial Times.

He led Britain’s finance ministry for six years until he was sacked in 2016 after the country voted to exit the European Union.

The IMF, which is made up of 189 countries, was established in 1945 in the aftermath of the Second World War and coordinates international financial policy, in some cases acting as a lender to countries.

Traditionally the top job at the IMF goes to a European, while an American is usually placed as head of the World Bank.

French national Ms Lagarde, who has been IMF head since 2011, was chosen to lead the European Central Bank this week.

If selected by the IMF board, Mr Osborne will be the first Briton to hold the role but he could face competition from his fellow countrymen including former prime minister Gordon Brown, who also served as chancellor of the exchequer.

Mr Brown is believed to be considering throwing his hat into the ring as well as Mark Carney, who currently serves as Governor of the Bank of England.

Mr Carney is Canadian by birth but holds British and Irish citizenship. He was given the top job at the Bank of England in 2012 by Mr Osborne during his tenure as chancellor.

Mr Osborne reportedly told friends he believes the IMF role requires a “skilled political communicator and operator ... not a technocrat”.

However, while he might enjoy high level connections in Washington and Beijing, it is not clear whether Mr Osborne will be able to win enough European support. His reticence to help during the Eurozone financial crisis in 2011 and 2012 won him few allies in the EU.

But his recent backing of British prime ministerial candidate Boris Johnson in his newspaper could win him strong support from home if the former foreign secretary wins the leadership contest later this month.