Financial regulator boss is named new governor of the Bank of England
ANDREW Bailey, the head of the Financial Conduct Authority (FCA), has been announced as the next governor of the Bank of England.
Mr Bailey, former deputy governor of the Bank, was confirmed for the role by Chancellor Sajid Javid yesterday.
The Chancellor said Mr Bailey was the “stand-out candidate” and is a “leader of international standing”.
He had been one of the longterm favourites to take over the position but has come under heavy scrutiny during his tenure at the FCA amid a series of major personal finance scandals, including the £236m collapse of London Capital and Finance.
The new governor is due to start in March, after incumbent Mark Carney steps down on March 16.
Mr Javid said: “There was one clear front-runner who I had no clear hesitation in recommending to the Prime Minister. I’m delighted to announce that the next governor of the Bank of England will be Andrew Bailey.”
The Chancellor also said all political parties “agree that the independence of the Bank of England is essential” to a strong economy, and the appointment transcended party lines.
He said: “What matters is that we appoint someone who can make the right decisions for British businesses and families, and can do so over the long term.”
Mr Bailey said: “It is a tremendous honour to be chosen as governor of the Bank of England and to have the opportunity to serve the people of the United Kingdom, particularly at such a critical time for the nation as we leave the European Union.
“The Bank has a very important job and, as governor, I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does.
“It is important to me that the Bank continues to work for the public by maintaining monetary and financial stability and ensuring that financial institutions are safe and sound.”