Andrew Bailey, the current Chief Executive Officer of the Financial Conduct Authority, has been confirmed as the next Governor of the Bank of England. He will replace Mark Carney, who has held the role since 2013, in March 2020.
Sajid Javid, the Chancellor of the Exchequer, said at a press conference:
“I am delighted to announce that the next Governor of the Bank of England will be Andrew Bailey. When we launched this process, we said we were looking for a leader of international standing with expertise across monetary, economic and regulatory policy.
In Andrew Bailey, that is who we have found. He was the standout candidate in a competitive field. Without question, he is the right person to lead the Bank as we forge a new future outside the EU and level-up across our great country.
Andrew brings unparalleled experience of central banking and can draw on thirty years of experience in every aspect of the Bank’s work from monetary policy to financial stability to the regulation of individual banks and insurance companies.
During the financial crisis, he led the teams who were on the front line of the Bank’s response. And it is a tribute to his integrity and his character that he emerged from the most serious crash in living memory with his reputation enhanced in Whitehall, in the City of London and in financial capitals around the globe. Many of you will know Andrew in his current role as Chief Executive of the Financial Conduct Authority.
He took over the organisation at a difficult time and has transformed it, putting the needs and interests of consumers first.
I would particularly highlight his proud record of increasing the diversity of the FCA’s senior leadership team. And under his leadership, he is committed to making the Bank a more open and diverse institution.
In short, the breadth and depth of his experience at the very highest levels are unmatched. So I am delighted that Andrew has agreed to serve a full eight-year term. He will take up the post of Governor on March 16th, leaving time for an orderly transition, and a pre-commencement hearing of the Treasury Committee, should they request one.”