News | Published December 20 2019

Andrew Bailey announced as new governor of Bank of England

In the culmination of a hiring process that began in April, Andrew Bailey has been named as the next governor of the Bank of England. 

The current chief executive of the Financial Conduct Authority will take over from the outgoing Mark Carney on the 16 March. He will become the 121st governor in the Bank’s history.

Announcing his acceptance of the position, Bailey described his appointment as a “tremendous honour.” He said: “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.”

Mark Carney, the current governor, was originally due to step down on 31 January but agreed to remain in post until 15 March to ensure there was a smooth handover. 

Carney welcomed the announcement of his successor, describing Bailey as an “extraordinary public servant” and saying “Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the Bank.”

These warm words were echoed by Sajid Javid, Chancellor of the Exchequer, who said Bailey was the “stand-out candidate in the a competitive field” and said “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.”

Bailey has worked at the Bank of England for over 30 years, first joining in 1985. 

During this time, he has held a number of high profile roles, including working as chief cashier during the financial crisis. He also served as deputy governor before joining the FCA as chief executive in 2016.

Alongside managing the economy as the UK leaves the EU, one of Bailey’s first tasks will be to address the leaking of sensitive information from the Bank to fund managers

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Authored by

George Salmon
Political Editor
December 20 2019

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