LONDON • Britain’s new government named Mr Andrew Bailey the next Bank of England (BOE) boss yesterday, entrusting one of the City of London’s most experienced regulators with steering the world’s fifth-biggest economy and its vast finance industry through Brexit.
Mr Bailey worked for 30 years at the BOE, where he was central to efforts to shore up the British banking system during the global financial crisis. In 2016, he moved to his current role running the Financial Conduct Authority, which is responsible for cracking down on financial misconduct.
“Andrew was the stand-out candidate in a competitive field,” Finance Minister Sajid Javid told reporters. “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.”
Mr Bailey, 60, said he was honoured to take over from Mr Mark Carney as head of the BOE, “particularly at such a critical time for the nation as we leave the European Union”.
Britain had delayed naming Mr Carney’s successor since last year, with the country focused on Brexit – the impact of which remains a big challenge for the central bank – and on an election won by Prime Minister Boris Johnson last week.
Mr Javid said Mr Bailey would serve an eight-year term as governor starting on March 16 next year. Mr Carney has agreed to delay his departure to March 15 from a previously scheduled date of Jan 31.
Mr Bailey’s role in containing the 2008-2009 near-meltdown of the financial sector means…