Watch­dog sees off anti-Brexit ri­val for Bank of Eng­land job

Daily Express - - News - By Macer Hall Po­lit­i­cal Edi­tor

A FI­NAN­CIAL watch­dog was ap­pointed Gov­er­nor of the Bank of Eng­land yes­ter­day af­ter beat­ing an an­tiBrexit ri­val to the job.

An­drew Bai­ley, the cur­rent head of the Fi­nan­cial Con­duct Au­thor­ity, will suc­ceed Mark Car­ney to take charge of the Old Lady of Thread­nee­dle Street in mid-March.

He beat Egyp­tian-born aca­demic Dame Mi­nouche Shafik in the se­lec­tion process for the key role.

A Trea­sury in­sider said her firm anti-Brexit views had counted against her.

Ex­per­tise

An­nounc­ing the ap­point­ment, Chan­cel­lor Sa­jid Javid said: “When we launched this process, we said we were look­ing for a leader of in­ter­na­tional stand­ing with ex­per­tise across mone­tary, eco­nomic and reg­u­la­tory mat­ters.

“In An­drew Bai­ley that is who we have ap­pointed.

“An­drew was the stand­out can­di­date in a com­pet­i­tive field. He is the right per­son to lead the Bank as we forge a new fu­ture out­side the EU and level-up op­por­tu­nity across the coun­try.”

Mr Javid added: “I also want to take this op­por­tu­nity to thank Mark Car­ney for his ser­vice as gov­er­nor.

The in­tel­lect, rigour and lead­er­ship he brought to the role dur­ing a crit­i­cal time was a sig­nif­i­cant con­tri­bu­tion to the UK econ­omy mov­ing to re­cov­ery and growth.”

Ac­cept­ing the role yes­ter­day, 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.”

Mr Bai­ley is a for­mer deputy gov­er­nor of the Bank of Eng­land. He was ed­u­cated at gram­mar-school and went to Cam­bridge Univer­sity.

In the run up to his ap­point­ment, some City in­sid­ers thought Mr Bai­ley’s chances had been dam­aged by fi­nan­cial scan­dals un­der

his watch at the FCA. The col­lapse ear­lier this year of funds man­aged by top stock picker Neil Wood­ford, head of Wood­ford In­vest­ment Man­age­ment, raised ques­tions about the reg­u­la­tor’s role.

Another was the scan­dal at Lon­don and Cap­i­tal Fi­nance – leav­ing in­vestors £237mil­lion out of pocket and lead­ing to protests out­side the FCA’s of­fices.

Boris John­son’s spokesman said: “An­drew Bai­ley brings a wealth of ex­pe­ri­ence to cen­tral bank­ing and the Prime Min­is­ter has full con­fi­dence he will do an ex­cel­lent job.”

Pic­tures: GETTY

The Gov­er­nor ... An­drew Bai­ley, left, will take over the reins when he suc­ceeds Mark Car­ney in mid-March

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.