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Bank of England set to announce new governor

Bank of England set to announce new governor

The selection of Andrew Bailey is expected to be confirmed by the treasury on Friday. The 60-year-old will become the 121st governor and will take over from Mark Carney, who leaves the prestigious post on January 31.
The Bank of England is set to announce the appointment of Andrew Bailey as its new governor, according to a report in the Financial Times.

The newspaper said it will be formally confirmed on Friday by Finance Minister Sajid Javid.
Bailey, who was the Bank of England’s deputy governor until 2016, currently serves as the head of the Financial Conduct Authority.The 60-year-old will replace the UK’s central bank’s current head, Mark Carney, when his term expires at the end of January.

Minouche Shafik, who used to preside over the interest rate the Bank of England sets every month, was widely expected to become the next governor but the Financial Times reported that the economist was told earlier this week that she was no longer under consideration for the role.

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