Andrew Bailey, head of the City watchdog, will succeed Mark Carney to become the Bank of England’s 121st Governor.
Chancellor Sajid Javid announced the appointment this morning, calling Mr Bailey the “standout candidate”.
“When we launched this process, we said we were looking for a leader of international standing with expertise across monetary, economic and regulatory policy,” Mr Javid said. “In Andrew Bailey, that is who we have found.”
Mr Carney will remain in post until March 15, a fresh extension to the Canadian’s term.
Mr Bailey – currently chief executive officer of the Financial Conduct Authority – will serve an eight-year term, and be paid £495,000 per year.
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