Chancellor Sajid Javid has announced that Andrew Bailey will become the new governor of the Bank of England starting from 16 March 2020.
Current governor, Mark Carney, will continue his current responsibilities until 15 March 2020 ‘to provide for a smooth transition.’
Chancellor Javid explained that the bank were seeking a ‘leader of international standing’ who possesses expertise across monetary, economic and regulatory matters and Bailey was the ‘stand-out candidate in a competitive field.’
He elaborated: “He [Bailey] is the right person to lead the Bank as we forge a new future outside the EU and level-up opportunity across the country.
“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.”
Bailey paid tribute to his colleagues at the Financial Conduct Authority, where he is currently chief executive, and described his commitment to ensuring the Bank is an ‘accessible and approachable institution.’
“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,” commented Bailey.
“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.”
Mark Carney added: “I am delighted to welcome Andrew Bailey back to the Bank as its next Governor.
“An extraordinary public servant, Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the Bank, and most recently as CEO of the FCA.
“Andrew is widely and deeply respected for his leadership managing the financial crisis, developing the new regulatory frameworks, and supporting financial innovation to better serve UK households and businesses.
“Over the years, I benefited greatly from his support and wise counsel. I wish Andrew and the Bank continued success in their work to serve the people of the United Kingdom by maintaining monetary and financial stability.”
