NEW BANK of England governor Andrew Bailey has begun his tenure today, following his predecessor Mark Carney standing down, after 7 years in the role.
Bailey has a long history in the financial services of Britain, dating back to 1985, when he joined the central bank. He has since held prominent positions within the organisation, including Chief Cashier of the Bank of England from 2004-2011, and Deputy Governor of the Bank of England for Prudential Regulation from 2013-6. He was previously the favourite to win the role, with former Chancellor Sajid Javid supporting him for the new role.
His appointment was well received by many, including prominent historian and UKIP founder Alan Sked and journalist Jason Hickel. Some have been more critical, including business reporter at The Times James Hurley, who criticised him on many fronts, including his ‘failure to protect whistleblowers’. Bloomberg reporter Jess Shankleman noted that, because of the coronavirus pandemic, ‘what a day’ it was for him to start. Conservative Chancellor Rishi Sunak discussed Bailey on his Twitter account, in relation to the coronavirus outbreak and its effect on the British economy:
Welcome to Andrew Bailey – the new Governor of the @bankofengland.
— Rishi Sunak (@RishiSunak) March 16, 2020