Bailey worked for 30 years at the BoE, where he was central to efforts to shore up the British banking system during the global financial crisis. In 2016 he moved to his current role running the Financial Conduct Authority, which is responsible for cracking down on financial misconduct.
“Andrew was the stand-out candidate in a competitive field,” finance minister Sajid Javid told reporters. “He is the right person to lead the Bank as we forge a new future outside the EU and level-up opportunity across the country.”
Bailey, 60, said in a statement that he was honoured to take over from Mark Carney as head of the BoE “particularly at such a critical time for the nation as we leave the European Union.”