Andrew Bailey to be next Bank of England chief in post-Brexit era, Latest Business News - The New Paper

Andrew Bailey to be next Bank of England chief in post-Brexit era

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LONDON Britain on Friday named its top financial regulator, Mr Andrew Bailey, to lead the Bank of England (BoE) and help shepherd the lacklustre economy through the dislocation of Brexit.

British Chancellor of the Exchequer Sajid Javid said the former BoE deputy would succeed Mr Mark Carney on March 16 - six weeks after the Canadian-born governor had been due to step down.

Mr Carney's previous departure date of Jan 31 coincides with when Britain's separation from the European Union is meant to take effect, and Mr Javid said Mr Carney had agreed to stay on a while to ensure a "smooth transition".

The finance minister said of Mr Bailey, the 60-year-old head of the Financial Conduct Authority: "Without question, he is the right person to lead the bank as we forge a new future outside the EU."


The Briton was the "clear front-runner" in the contest to succeed Mr Carney, Mr Javid said, describing Mr Bailey as the "standout candidate in a competitive field".

That field included two prominent women.

Mr Bailey, who has spent most of his career at the BoE, will have the daunting challenge of conducting Britain's monetary policy as it unwinds nearly five decades of EU membership after Prime Minister Boris Johnson's election triumph this month.

Mr Bailey said it was a "tremendous honour" to be chosen, "particularly at such a critical time for the nation as we leave the European Union".

He pledged to continue Mr Carney's work to ensure monetary stability and "safe and sound" financial institutions. - AFP