Labour sounds alarm over George Osborne's ambitions to run IMF - business live

Rolling coverage of the latest economic and financial news, including the latest runners and riders to run the International Monetary Fund

• Latest: Labour says Osborne lacks track record for IMF
• Odds on Osborne replacing Lagarde have tumbled
• George Osborne 'aiming for new role as head of IMF'
• 'Friends of Osborne' say he'd do a good job
• Carney, Rajan, Thiam also in running?

8.39pm BST

Faiza Shaheen, director of the Centre for Labour and Social Studies and Labour PPC for Chingford & Woodford Green, has demolished George Osborne's bid:

There are many reasons why having Osborne as the future managing director of the IMF is undesirable, but let's just start with his record. Osborne was the mastermind of the austerity programme which has brought untold and widespread misery in the UK. Whether it be the doubling of rough sleeping, 130,000 related deaths, a social care crisis or thousands of teachers leaving education, his programme has taken this country backwards. It has also been a lesson in bad economics. Osborne's extraction of public funds just when the private sector was also flagging meant that the recovery that had been building under Gordon Brown was choked off. The average worker has still not seen their wages recover to pre-financial crisis levels.

Most sinister was Osborne's ability to construct a narrative about "Labour's overspending" that misled the entire country about the need for his cuts. But perhaps knowing how to mislead and gaslight a whole country while categorically missing your own targets are just the right qualifications for an international financial institution.

Related: Osborne thinks he could run the IMF. Maybe gaslighting a country is a useful skill | Faiza Shaheen

3.56pm BST

If you're just tuning in (perhaps after enjoying the tennis...) here's my colleague Richard Partington on the surprise candidate to run the IMF....

George Osborne's interest in running the International Monetary Fund has met immediate criticism because of the former chancellor's austerity policies and Brexit-related question marks over the UK's international standing.

The former chancellor has signalled to friends that he views himself as a potential candidate to replace Christine Lagarde, the current head of the Washington-based fund, who was nominated to lead the European Central Bank this week.

Related: George Osborne's ambitions over IMF top job prompt criticism

3.41pm BST

Despite the burden of his many jobs (and his desire for another one), George Osborne is squeezing in some tennis-watching today.

He has been spotted in the Royal Box at Wimbledon, along with his father Peter (founder interior design firm Osborne & Little).

3.32pm BST

One potential candidate to lead the International Monetary Fund has ruled himself out.

Bundesbank President Jens Weidmann has let it be known that he is very happy in his current rule, and won't apply for Christine Lagarde's job at the top of the IMF. Bloomberg has more details.

3.29pm BST

Labour leader Jeremy Corbyn has weighed in against George Osborne:

George Osborne, architect of UK austerity, and the IMF, leading global enforcer of austerity, would be a dangerous combination.

We need to build a new global economic order for the many, not continue imposing destructive policies on behalf of the few.https://t.co/Li4nuPNiV8

3.10pm BST

The excitement over the IMF job has made up for an extremely dull day in the financial markets.

The FTSE 100 index of top UK-listed shares is currently unchanged at 7,609, which was an 11-month closing high last night.

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2.49pm BST

Another economics professor, Nouriel Roubini, reckons Mark Carney and Mario Draghi are the best potential choices (tho, as explained earlier, the IMF's age limit might rule Draghi out).

Possible European successors to Lagarde include Bank of France chief Francois Villeroy de Galhau, ECB Prez Mario Draghi, EU finance commissioner, Pierre Moscovici, BoE Governor Mark Carney, COO of the WB Kristalina Georgieva; and George 0osborne. Most qualified: Draghi and Carney

2.18pm BST

Economics professor Danny Blanchflower, who served on the Bank of England's monetary policy committee, reckons Osborne's austerity programme derailed the UK's recovery:

@George_Osborne was the worst UK chancellor in three hundred years. He destroyed the nice steady growth he inherited in 2010 as the economy was growing at escape velocity as it had in every previous recovery. Hard to see how that qualifies him to be boss of the IMF - it doesn't

@johnmcdonnellMP is right @George_Osborne caused the slowest peacetime recovery since Napoleonic times but it was worse than that it was the worst in three hundred years & 3rd slowest ever only south sea bubble & Black Death caused slower recoveries 300 & 600 yrs ago respectively

1.45pm BST

Kristalina Georgieva, the Bulgarian chief operating officer of the World Bank, has also been tipped as a potential IMF head, according to the Financial Times.

Georgeiva has previously served as a European Commissioner for humanitarian aid and crisis response, and as a vice-president of the EC, following an academic career in economics. She briefly ran the World Bank earlier this year after Jim Kim quit.

When you think about climate, get a photo of your children and grandchildren in front of you. I guarantee you it will change your perspective. I did this and it works.

1.30pm BST

If you want to know what the International Monetary Fund is thinking, it's good to check out their blogs.

Written by economists across the Fund, they cover a wider range of issues than its regular economic outlook reports.

12.58pm BST

There's also chatter today that Mario Draghi, the outgoing head of the European Central Bank, would make a better IMF chief.

That would mean an usual jobswap, as Christine Lagarde is heading from Washington to Frankfurt to succeed Draghi.

Mario Draghi should be allowed to become the next IMF chief. At a time of crumbling cooperation no-one is better suited to defend international institutions. My column for @bopinion. https://t.co/r9hlW8TDAQ

Draghi is eminently qualified to be the next managing director of the IMF. He has a strong background in economics, as well as a track record of managing crises effectively and building political consensus around his decisions. /2

Draghi has also proven that he can fight his corner politically, which would help the IMF manage its fraught relationship with its main shareholder, the U.S. government. Trump would soon discover what it means to work with "Mario D". /3

The US and Europe have traditionally stitched up appointments at the IMF and the World Bank, so there's a strong argument for having an Asian, South American or African boss of the Fund. Yet in a purely meritocratic contest it would be difficult to trump Draghi. /4

The 71-year-old Draghi would also need a change to the IMF's age rules, which demand that incoming managers are no older than 65. This rule has been applied rigidly in the past: Stanley Fischer had his bid rejected because he was 67. /5

Draghi may also have had enough of big international jobs and might prefer a quieter life. But at at a time when global cooperation is under threat, it would be useful to have him sticking around on the world stage. /ENDS

12.49pm BST

Perhaps the sharpest take so far, from the FT's Katie Martin:

On the plus side, putting a Brit in the top job at the IMF would at least ensure it was run by someone from an emerging market.#obviousgag

12.31pm BST

Looks like George Osborne has been hard at work at the Evening Standard -- they're splashing on the Tory leadership race, and the new Chelsea manager (unusually, a top job which Osborne didn't go for...)

Today's a@EveningStandarda(C) as Hunt backtracks on hunting and Lampard goes to Chelsea pic.twitter.com/DcN9ySQYs5

Our a@Adamstoon1a(C) a@EveningStandarda(C) on hunting pic.twitter.com/x6NOzUg7CC

12.16pm BST

Labour MP Dan Carden isn't convinced either....

Our international financial institutions need to be led by those who will combat global poverty & inequality. The top job must not go to a man whose CV includes leading the UK's deadly austerity programme, inflicting misery on millions to enrich a few.https://t.co/bRr4sAXsxT

11.44am BST

Surely George Osborne can rely on The Spectator to back his charge towards the International Monetary Fund?

Apparently not! A new article on the conservative current affairs magazine argues that Osborne would be a ideal continuity candidate to fill Christine Lagarde's shoes - but that's not what the Fund needs.

Smooth. Intelligent and articulate. A former finance minister. A European. And perhaps most importantly of all, a mildly irritating potential rival to the prime minister of his own country. In lots of ways, George Osborne ticks all the boxes to replace Christine Lagarde as the managing director of the IMF. Indeed, if you were looking for a perfect replica of the incumbent, minus the pearls and the elegant neck scarfs, you might well settle on the former chancellor.....

[But...]

George Osborne ticks all the boxes to replace Christine Lagarde as the managing director of the IMF. But is still the wrong choice, says Matthew Lynnhttps://t.co/DGoeMwapdJ

11.29am BST

Miriam Brett, who analyses the impact of the IMF and the World Bank's policies, also has concerns about George Osborne's suitability:

There are many reasons why George Osborne should not get the IMF managing director job, but overseeing the slowest recovery in a century and repeatedly missing his own fiscal targets is a pretty clear sign that he isn't qualified to oversee recovery of balance of payments crises.

11.07am BST

John McDonnell is right - the UK's recovery from the 2008-09 recession on George Osborne's watch was remarkably poor.

It took six whole years for Britain's economy to return to its pre-crisis levels [in 2014], which economists agree is the weakest since the 19th century.

10.40am BST

Labour's shadow chancellor, John McDonnell, questions whether George Osborne is the right person to run the International Monetary Fund.

Speaking to the Guardian, McDonnell says:

Before the decision is made on any IMF appointment, consideration should be made to the fact that George Osborne was the architect of the slowest recovery from a recession since Napoleonic times.

That's hardly the record or qualification for someone to steer the ship of the global economy.

10.08am BST

George Osborne is now the bookmakers' favourite to become the next managing director of the International Monetary Fund, we hear.

Betway tells us there has been "a big move for George Osborne" overnight.

10.02am BST

George Osborne would need the backing of the UK government for his bid to succeed Christine Lagarde.

Candidates to run the IMF need to be nominated, either by a member of the Fund's board or by a country's governor (Philip Hammond for the UK).

9.28am BST

Christine Lagarde's replacement will be chosen by the 24 members of the IMF's executive board.

Here's what they'll be looking for:

The successful candidate for the position of Managing Director will have a distinguished record in economic policymaking at senior levels.

(S)he will have an outstanding professional background, will have demonstrated the managerial and diplomatic skills needed to lead a global institution, and will be a national of any of the IMF's member countries.

9.11am BST

George Osborne appears to have enjoyed his time editing the Evening Standard over the last couple of years.

Journalism has allowed Osborne to work off any lingering pain about being sacked by Theresa May, by tweeting a series of cartoon puns at the PMs expense:

Our a@Adamstoon1a(C) a@EveningStandarda(C) on May's last throw of the dice pic.twitter.com/5IWjTMuuNp

Our a@Adamstoon1a(C) a@EveningStandarda(C) as Downing Street ban short-term evictions pic.twitter.com/fWrbJk7MoJ

Our a@Adamstoon1a(C) a@EveningStandarda(C) on the not-so Grand National pic.twitter.com/Oo1lyrbIKJ

9.03am BST

Paul Diggle of investment group Aberdeen Standard also reckons Osborne's track record at the Treasury will also count against him.

He told the Telegraph that the former chancellor probably isn't a "realistic candidate", due to his enthusiasm for austerity.

He is a big advocate for expansionary fiscal contraction and that is no longer in vogue at the IMF.

His thinking doesn't really chime with where the fund is at.

8.48am BST

Opposition from Europe could scupper George Osborne's ambitions.

Stefan Gerlach, former deputy governor of the Central Bank of Ireland, reckons EU member states will shove a spanner in:

It is difficult to imagine that in these pre-Brexit day, any UK candidate would enjoy the support of the EU. The temptation to show the benefits EU members have is too strong. - Osborne eyes chance of replacing Lagarde as head of IMF via @FT
https://t.co/PSWn4VgWfm

8.39am BST

My colleague Richard Partington reckons George Osborne faces a tough battle to succeed Christine Lagarde:

Osborne could face stiff competition from other highly qualified candidates at a time when Britain's place in the world has been coloured by internal disputes over leaving the EU, clouding the UK's international reputation.

Other contenders may include Mark Carney, the Bank of England governor, who was installed by Osborne. Although Canadian by birth, he holds Irish and UK citizenship. Carney is due to leave Threadneedle Street early next year.

Related: George Osborne 'aiming for new role as head of IMF'

8.34am BST

The Daily Telegraph says Osborne is giving "serious thought" to filling the IMF vacancy, quoting one source who reckons:

While it might be tricky for any UK candidate to get the job... [Osborne is].. the only Brit with the international reputation to pull it off.

8.32am BST

It's fair to say that reaction to George Osborne's ambitions is decidedly mixed.

His failed attempt to eliminate the UK's budget deficit in the 2010-2015 parliament, through a harsh austerity programme, makes him ill-equipped.

Hey, why not? If Trump is nominating people who got everything wrong about monetary policy for the Fed, why not someone who insisted that austerity is expansionary for the IMF? https://t.co/VlBZeCYGRJ

The #IMF has imposed austerity on nations around the world, slashing public services, forcing the sale of public assets, helping the rich while hammering the poor. So I expect they'll look favourably on an application by @George_Osborne https://t.co/nagGthsyq9

8.21am BST

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Related: George Monbiot: Lord Keynes really did propose the International Monetary Fund

Having recently backed Boris Johnson to become prime minister, the former UK chancellor of the exchequer - who now edits London's Evening Standard - also has high hopes of winning the backing of a British government led by the former foreign secretary....

Mr Osborne has told friends that it was a fascinating job to have at a challenging time for international institutions and the current climate required a "skilled political communicator and operator . . . not a technocrat".

George Osborne eyes chance of taking IMF vacancy via @FT
https://t.co/uSJ42XCQ1u

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