Chancellor names Andrew Bailey new Governor of the Bank of England

Maria Nikolova

Andrew Bailey will be the 121st Governor in the Bank’s 325 year history and the 9th to be appointed since the Bank’s nationalisation in 1946.

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The Chancellor has announced that Andrew Bailey will succeed Mark Carney as the next Governor of the Bank of England. Mr Bailey will assumer the role from March 16, 2020.

Mr Bailey, who is currently at the helm of the Financial Conduct Authority (FCA) will succeed Mark Carney, who has served since 2013. Her Majesty the Queen has approved the appointment.

The current Governor, Mark Carney, and the Chancellor have agreed to extend Mr Carney’s term until March 15, 2020.

Andrew Bailey will be the 121st Governor in the Bank’s 325 year history and the 9th to be appointed since the Bank’s nationalisation in 1946. He has been appointed for an eight-year term and will receive a salary of £495,000.

Andrew Bailey has held senior roles across all areas of monetary, financial and economic policy. He has been at the helm of the FCA since July 2016, having previously held the role of Deputy Governor of the Bank of England for Prudential Regulation and CEO of the Prudential Regulation Authority. He has been a member of the Bank’s Financial Policy Committee since 2012.

He spearheaded much of the Bank’s work on bank resolution and supervision following the crisis of 2007/9 and has extensive international expertise through his work with the Financial Stability Board, and the International Organisation of Securities Commissions.

Having joined the Bank in 1985, he has held roles including as Executive Director for Banking Services and Chief Cashier, Private Secretary to the Governor and Head of the International Economic Analysis Division in Monetary Analysis.

Mr Bailey was born in Leicester where he attended Wyggeston Boys’ Grammar School, He gained his BA and PhD from Queens’ College Cambridge.

Accepting the role, Andrew 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”.

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