Boris snubs female over Brexit
City regulator Bailey succeeds Carney at Bank of England
New man at the helm of the Bank (pic: Terry Murden)
Financial services regulator Andrew Bailey has been confirmed as Governor of the Bank of England after Prime Minister Boris Johnson ditched the chance to hire its first female boss.
Mr Bailey, who has led what has been criticised as a “soft touch” Financial Conduct Authority succeeds Canadian Mark Carney on 31 January – Brexit day.
He was preferred to the long-time favourite Minouche Shafik, the Egypt-born academic who opposed Brexit.
She is a former member of the Monetary Policy Committee which sets interest rates, and is a London School of Economics director.
She was expected to break the 325-year-old tradition of a man leading the institution, but it it has been claimed that the 57-year-old’s opposition to Brexit counted against her.
Mr Bailey, a former deputy governor, worked at the Bank for 30 years before heading to the FCA in 2016.
He was recommended to the Queen by Mr Johnson and announced by Chancellor Sajid Javid, who today described him as the “clear frontrunner”.
Some analysts thought otherwise following a number of criticisms of the regulatory environment.
The FCA was recently accused of falling asleep at the wheel as Neil Woodford’s flagship fund went into meltdown.
However, he has been positive about post-Brexit Britain and was seen as a safe pair of hands when he worked at the Bank during the 2008-09 financial crisis.