UK’s top financial regulator Andrew Bailey has been selected to be the next Bank of England governor as the economy enters uncertainty following Brexit.
Andrew Bailey, who currently heads the Financial Conduct Authority and a former deputy governor of the UK central bank, will be succeeding Mark Carney as governor of the Bank of England in March after Brexit.
Carney took on the role in 2013 for a five-year term but his departure from the bank has been delayed several times due to confusion surrounding Great Britain’s exit from the European Union (EU). The Brexit strategy is expected to become clearer as Prime Minister Boris Johnson won in the election last week.
UK Chancellor of the Exchequer Sajid Javid said in a statement: “When we launched this process, we said we were looking for a leader of international standing with expertise across monetary, economic and regulatory matters.”
“In Andrew Bailey that is who we have appointed … He is the right person to lead the bank as we forge a new future outside the EU,” Javid added.
Holding a big majority in parliament, Johnson’s administration is expected to complete the Brexit by January 31, 2020, over three years after the country’s vote to leave the EU. The UK will undergo a transition period wherein existing trading arrangements will be maintained as new terms are ironed out with the EU.
Jasper Lawler, head of research at London Capital Group, said: “It’s not the time for a maverick and Bailey will be ready to turn either way on rates depending on how both Brexit and global trade pans out next year.”
Following the succession, Bailey will become the 121st governor of the Bank of England since it was establisheded 325 years ago. He has been appointed for an eight-year term and will receive a salary of £495,000 or $645,000.