Andrew Bailey, the head of the Financial Conduct Authority, has been announced as Mark Carney’s successor as governor of the Bank of England.
Mr Bailey, former deputy governor of the Bank, was confirmed for the role by Chancellor Sajid Javid. The Queen has also given her approval.
He will take over when Mr Carney has agreed to leave the post on March 15.
Mr Bailey said: “It is a tremendous honour to be chosen as Governor of the Bank of England and to have the opportunity to serve the people of the United Kingdom, particularly at such a critical time for the nation as we leave the European Union.
“The Bank has a very important job and, as Governor, I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does.
“It is important to me that the Bank continues to work for the public by maintaining monetary and financial stability and ensuring that financial institutions are safe and sound.
“I am committed to the Bank being an accessible and approachable institution, as well as an open and diverse place to work.
“I would like to pay tribute to my colleagues at the Financial Conduct Authority for their support during my time as chief executive and the excellent work they do.”
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The Chancellor said Mr Bailey was the “stand-out candidate” and is a “leader of international standing”.
He said: “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 海角视频 economy moving to recovery and growth.”
Mr Bailey, who grew up in Leicester, had been a favourite to take over the position, but has come under heavy scrutiny over the past year amid a series of major auditing failures during his tenure at the financial services regulator.
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Mr Carney took up the post at the Bank on July 1 2013 and extended his tenure twice.
He said in 2016 that he would stay for an extra year after his tenure ended – until June 2018 – but was then persuaded by then chancellor Philip Hammond to extend his term by another seven months to help ease disruption from Brexit at a critical time.
But the Canadian’s time at the helm has been marred over the past two years, with the governor and the Bank’s Monetary Policy Committee (MPC) coming under heavy criticism over their handling of communications surrounding Brexit.
Mark Carney said: “I am delighted to welcome Andrew Bailey back to the Bank as its next Governor.
“An extraordinary public servant, Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the Bank, and most recently as CEO of the FCA.
“Andrew is widely and deeply respected for his leadership managing the financial crisis, developing the new regulatory frameworks, and supporting financial innovation to better serve 海角视频 households and businesses.
“Over the years, I benefited greatly from his support and wise counsel.
“I wish Andrew and the Bank continued success in their work to serve the people of the United Kingdom by maintaining monetary and financial stability.”