On Friday 20th December, Sajid Javid named Andrew Bailey as the new governor of the Bank of England. Mr. Bailey, was the former chief executive of the Financial Conduct Authority since 2016, will take over from Mark Carney on March 16.
He was the “stand-out candidate in a competitive field” with both international standing and experience of running a large complex organisation, the chancellor said.
Mr Bailey was at the Bank of England for 30 years, where he rose to prominence resolving stricken banks and shoring up the system during the financial crisis before moving to the FCA. He has worked across monetary policy and financial stability and was a deputy governor before joining the conduct regulator.
Mr Javid said: “It is a tribute to his integrity that he emerged from the most serious crash in living memory with his reputation enhanced.”
However, Gina Miller, the anti-Brexit campaigner and wealth manager disagrees. She said, “It’s absolutely scandalous — if you look at his record at the FCA and what has happened under his watch — to have someone like that now in charge of Bank. He intervened after things. If you look at all the things on his watch, the culture has been to do things at the very last minute.”
Mr Bailey had been selected by the Conservatives before the election was called but delayed making the appointment until today. Other contenders for the position included former Reserve Bank of India's governor Raghuram Rajan.
