Former UK financial regulator Andrew Bailey has been named as the new governor of the Bank of England, Britain’s finance minister Sajid Javid announced on Friday.
Bailey will replace incumbent Mark Carney on March 16 and become the central bank’s 121st governor, taking charge of the country’s financial stability.
Javid described Bailey in a statement as “the stand-out candidate in a competitive field”, adding that “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”.
The incoming head — who will take the job just as the country is due to leave the European Union — said the appointment “at such a critical time for the nation” was a “tremendous honour”.
He will receive a salary of £495,000 (€580,000) for his eight-year team.
Bailey, 60, is believed to have beat several high-ranking candidates including Minouche Shafik, an economist who previously worked for the World Bank, the International Monetary Fund and the BoE.
A long-term favourite, he nonetheless faced heavy criticism in recent months following a series of financial scandals including the collapse of financial firm London Capital & Finance with £237 million (€277.9 million) of mostly small-time investors’ money. The Financial Conduct Authority, which Bailey helmed, was accused of being “asleep at the wheel”. Bailey later said that some of the criticism levelled at the watchdog was justified.
(BBC)
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