Andrew Bailey announced as next governor from the Bank of England

Andrew Bailey, the head of the Financial Conduct Authority, continues to be announced as the next governor of the Bank of England.

Mr Bailey, former deputy governor of the Bank, is proven for that role by Chancellor Sajid Javid.

The Chancellor said Mr Bailey was the “stand-out candidate” and it is a “leader of international standing”.

He had been one of the long-term favourites to take within the position but originates under heavy scrutiny throughout his tenure at the FCA amid a series of major personal finance scandals, such as the lb236 million collapse of London Capital and Finance.

“One clear front-runner”

The new governor is a result of begin in March, after incumbent Mark Carney steps down on March 16.

Mr Javid said: “There was one clear front-runner who I'd no clear hesitation in recommending towards the Pm.

“I'm happy to announce the next governor of the Bank of England will be Andrew Bailey.”

The Chancellor also said all political parties “agree that the independence from the Bank of England is essential” to a strong economy, and also the appointment transcended party lines.

“What matters is that we appoint someone who can make the best decisions for British businesses and families, and can do so over the long term,” he explained.

“Tremendous honour”

Mr Bailey will take around the role for the full eight-year tenure, the Chancellor added.

Mr Bailey said: “It is really a tremendous honour to become chosen as governor of the Bank of England and also to have the opportunity for everyone the people of the Uk, particularly at this type of critical here we are at 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 been doing to ensure that her public interest at the heart of all things it will.

“It is important in my experience that the Bank continues to work with the public by preserve monetary and financial stability and ensuring that banking institutions are secure and sound.”

Extraordinary public servant

His selection comes after an extended appointment process which saw him reportedly pip another former Bank of England deputy governor, Minouche Shafik, to the post, as well as close Boris Johnson ally Gerard Lyons.

Mr Carney said: “I am delighted to welcome Andrew Bailey to the financial institution since it's next governor.

“An extraordinary public servant, Andrew brings unparalleled experience, built over three decades of dedicated service across all policy regions of the financial institution, and most recently as CEO of the FCA.”

Mark Carney

Mr Carney used the governor post on July 1 2021 and extended his tenure twice.

He said in 2021 that he would stay for an extra year after his tenure ended – until June 2021 – but was then persuaded at that time chancellor Philip Hammond to extend his term by another seven months to help ease disruption from Brexit at a critical time.

But the Canadian's time at the helm has been marred over the past 2 yrs, with the governor and the Bank's Monetary Policy Committee (MPC) coming under heavy criticism over their handling of communications surrounding Brexit.