Friday 20th December 2019 - 08:10 (GMT)
Financial Conduct Authority (FCA) chief Andrew Bailey has been named as the next governor of the Bank of England by the Treasury. Taking over from the outgoing governor Mark Carney, he will assume the new role on the 16th March 2020 and is expected to serve an eight-year term.
Prior to joining the FCA in 2016, Mr Bailey had been at the Bank of England since 1985 and had held a number of roles including chief cashier - which meant his signature appeared on bank notes.
Accepting the position, 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.”
Tackling the economic challenges of the UK’s departure from the EU will undoubtedly be Mr Baileys top priority, however this will be performed against a backdrop of uncertain inflationary risks and subdued global growth.
