Andrew Bailey will become the 121st governor of the Bank of England in February, according to chancellor Sajid Javid on Friday, this is going to be the pinnacle of his long career at the central bank and in financial regulation with the top job.
He is now elected to succeed Mark Carney and be at the helm of affairs at the bank for eight years starting from February 2020.
The 60-year-old is highly respected by staff at the BoE, having previously served as deputy governor for prudential regulation, chief cashier and private secretary to Eddie George, a previous governor. Since 2016 he has been chief executive of the Financial Conduct Authority, the regulator of the financial services industry, taking the job as a “safe pair of hands” with the expectation that he would one day become governor.
Mr Bailey beat several external candidates to get the governor’s job including Minouche Shafik, director of the London School of Economics; Shriti Vadera, chair of Santander UK and an aide to prime minister Gordon Brown during the financial crisis; Gerard Lyons, previously Boris Johnson’s economic adviser as London mayor; and Kevin Warsh, a former member of the US Federal Reserve’s board of governors. Ben Broadbent and Jon Cunliffe, the two deputy governors, had also been hopeful that they might be in line for a promotion.