The current Chief Executive of the Financial Conduct Authority (FCA), Andrew Bailey has been appointed as the next governor of the Bank of England.
Mr Bailey will become the 121st governer of the bank, taking over from Mark Carney on 16 March 2020. The 60-year old is expected to serve a full eight-year term in the role and has said it was ‘a tremendous honour’ to be chosen.
The appointment was announced by the UK’s Chancellor Sajid Javid, who said he was “the stand-out candidate in a competitive field”. Mr Bailey has been the head of the FCA since 2016 and was the Deputy Governor of the Bank of England between 2013 and 2016. He had previously worked in other roles at the Bank since 1985.
The Bank of England has various responsibilities, such as setting the official interest rate, supervising the financial system and issuing banknotes in the UK.
Mr Bailey was seen as an early favourite for the job since the process for recruiting a new governor began in April this year.