LONDON • Britain's new government named Mr Andrew Bailey the next Bank of England (BOE) boss yesterday, entrusting one of the City of London's most experienced regulators with steering the world's fifth-biggest economy and its vast finance industry through Brexit.
Mr Bailey worked for 30 years at the BOE, where he was central to efforts to shore up the British banking system during the global financial crisis. In 2016, he moved to his current role running the Financial Conduct Authority, which is responsible for cracking down on financial misconduct.
"Andrew was the stand-out candidate in a competitive field," Finance Minister Sajid Javid told reporters. "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."
Mr Bailey, 60, said he was honoured to take over from Mr Mark Carney as head of the BOE, "particularly at such a critical time for the nation as we leave the European Union".
Britain had delayed naming Mr Carney's successor since last year, with the country focused on Brexit - the impact of which remains a big challenge for the central bank - and on an election won by Prime Minister Boris Johnson last week.
Mr Javid said Mr Bailey would serve an eight-year term as governor starting on March 16 next year. Mr Carney has agreed to delay his departure to March 15 from a previously scheduled date of Jan 31.
Mr Bailey's role in containing the 2008-2009 near-meltdown of the financial sector means he is a familiar face to top officials at the United States Federal Reserve and other major central banks.
"When he was in the room, you were confident you had someone who was worth listening to and, importantly, also had the solution to what the problem might be," a former official involved in tackling the crisis said, speaking on condition of anonymity.
Mr Bailey's typically low-key approach offers a contrast to the high-profile style of Mr Carney.
Mr Bailey's supporters say he knows how to use the BOE's sweeping powers without alienating London's powerful bankers, but critics have accused him of pulling his punches when it came to punishing miscreants in the industry.
Mr Bailey beat other candidates seen as more likely to get the BOE's top job - and its advertised annual salary of £480,000 (S$848,000) - including another former deputy governor, Ms Minouche Shafik, who now heads the London School of Economics.
REUTERS
