Andrew Bailey appointed next Bank of England governor

20 December 2019, 08:57

Mr Bailey is currently head of the FCA
Mr Bailey is currently head of the FCA. Picture: PA
EJ Ward

By EJ Ward

Andrew Bailey, the head of the Financial Conduct Authority, has been appointed as the next governor of the Bank of England.

Andrew Bailey is set to take over from Mark Carney in February after he steps down following six-and-a-half years in the job.

The 60-year-old previously worked at the FCA, which sets monetary policy, for 30 years, and he was previously Deputy Governor at the Bank.

Chancellor Sajid Javid said Mr Bailey was the "standout" candidate, adding the Treasury had been looking for a "leader of international standing, with expertise across monetary, economic, and regulatory policy."

Speaking in Westminster, Mr Javid said Mr Bailey would serve a full eight-year term as governor and would begin the new role on March 16, allowing for an "orderly transition".

The Chancellor added: "Without question he [Mr Bailey] is the right person to lead the Bank as we forge a new future outside the EU as we level up this great country."

Mr Bailey will head up the Bank of England from February
Mr Bailey will head up the Bank of England from February. Picture: PA

Mr Javid said Mr Bailey had "unparalleled" and "unmatched" experience in the world of banking and also praised his leadership during the financial crisis of 2008.

Mr Javid also thanked outgoing governor Mark Carney and confirmed he had agreed to remain in the post until March 15 to oversee the transition.

The Chancellor said: "Mark has lead the Bank with conviction, rigour and intelligence through some of its most challenging times in modern history.

"Thank you for your leadership".