Financial regulator Andrew Bailey confirmed as new governor of the Bank of England
Financial Conduct Authority (FCA) chief Andrew Bailey has been named as the next governor of the Bank of England by the Treasury.
He will take over from the current governor Mark Carney, who has been in the role since 2013, from 16 March 2020.
Mr Bailey, 60, will become the 121st governor of the UK’s central bank after his appointment was announced by Chancellor Sajid Javid on Friday morning.
Annoucing the appointment, Mr Javid said: “When we launched this process, we said we were looking for a leader of international standing with expertise across monetary, economic and regulatory matters. In Andrew Bailey that is who we have appointed.
"Andrew was the stand-out candidate in a competitive field. He is the right person to lead the Bank as we forge a new future outside the EU and level-up opportunity across the country."
Shadow Chancellor John McDonnell, however, was sceptical of the appointment.
He said: "As an establishment figure with what some consider is a less than inspiring record at the FCA Andrew Bailey will need to demonstrate early that he appreciates the need to address the deep structural problems of our economy and like Mark Carney understands the climate change threat."
Canadian incumbent Mr Carney was originally set to stand down in June this year, but agreed to stay in the role to oversee the economic challenges of Brexit.
The process to replace him started in April, with Minouche Shafik, director of the London School of Economics and Shriti Vadera, chair of Santander UK, among the frontrunners.
On Thursday, the Financial Times reported that both Ms Shafik and Ms Vadera understood they were no longer in contention, making Mr Bailey the likely selection.
A former deputy governor of the Bank of England, Mr Bailey has previously faced criticism for his handling of FCA scandals.
Earlier this year it was revealed that errors allowed a series of problems at Neil Woodford’s £3.7bn investment fund to go unaddressed for weeks.
The FCA also received backlash over a report into Royal Bank of Scotland's treatment of small business, with critics labelling it a “whitewash” for recommending no action against the bank.
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.
"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."