New Bank of England Governor Unveiled
Just before Christmas, the Chancellor of the Exchequer, Sajid Javid, announced that Andrew Bailey will succeed Mark Carney as the Governor of the Bank of England. Mr Bailey is expected to take the helm on the 16th of March. Commenting on the appointment, Mr Javid proclaimed:
“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.
Andrew was the stand-out candidate in a competitive field. 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.
I also want to take this opportunity to thank Mark Carney for his service as Governor. The intellect, rigour and leadership he brought to the role during a critical time was a significant contribution to the UK economy moving to recovery and growth”
The new government had previously announced its intentions to move quickly to find a replacement for Mr Carney, who has been in charge at the Bank of England since mid-2013. Mr Carney’s term was originally planned to tend on the 31st of January, but he has agreed to extend his tenure by a month and a half “in order to provide for a smooth transition”.
Mr Bailey is currently CEO of the Financial Conduct Authority and previously held roles such as Deputy Governor and Chief Cashier within the Bank of England. Will his term differ much in terms of style and policy from his predecessor, Mr Carney? It is fairly unlikely, given that nearly all central bankers are cut from the same cloth and Mr Bailey was part of the Bank’s inner workings for a substantial number of years. Expect more of the same from the Bank of England under Mr Bailey’s tenure, and more importantly keep a close eye on his speeches and press releases.
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