bank of england

Andrew Bailey wins race to become new Bank of England governor

Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), has been named the next governor of the Bank of England.

Having spent 30 years at the Bank, Bailey was widely seen as the likely candidate to take the reins from the current governor Mark Carney. Bailey will assume the new role on 16 March and is expected to serve an eight-year term.

Mark Carney to step down as Bank of England governor

Mark Carney, who oversees the Bank of England's three main policy committees, one of which sets interest rates, will leave the post on 31 January 2020. 

The governor has been in the post since July 2013, and had his tenure extended by the Treasury to 2020 in order to help support a “smooth exit” from the European Union.