The Strategist

Andrew Bailey to replace Mark Carney as Bank of England Head

12/20/2019 - 09:11

Andrew Bailey, Head of the UK Financial Conduct Authority, has been elected the new Head of the Bank of England, the Financial Times (FT) reports citing sources. 60-year-old Andrew Bailey will replace Canadian Mark Carney, who announced that he will leave the post of Head of the Bank of England on January 31, 2020. He has been managing the financial institution since 2013.

UK Government
UK Government
In the years 2013-2016, Andrew Bailey worked as the Deputy Governor of the Bank of England. According to the FT, his appointment will be officially announced later on December 20.

Other contenders for the post included Director of the London School of Economics, Dame Minouche Shafik, Head of Santander UK, Shriti Vadera, Baroness Vadera, and former member of the Board of Governors of the US Federal Reserve Kevin Warsh. According to FT sources, all potential candidates passed a test: in particular, their public statements were studied. For this reason, Ms. Shafik, who criticized Brexit, was rejected, the newspaper claims.