BEAT THE BOSS
Bank of England reveals Andrew Bailey will take over from Brexit doom-monger Mark Carney as new boss
ANDREW Bailey, head of city watchdog the Financial Conduct Authority (FCA), has been revealed as the next governor of the Bank of England.
He'll take over from current boss Mark Carney - known for his gloomy Brexit forecasts - who is due to step down on March 15, 2020 after being at the helm since July 1, 2013.
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Mr Bailey, a former deputy governor of the Bank, has been appointed for an eight-year term and will receive a salary of £495,000.
He'll become the 121st governor in the Bank’s 325 year history and the ninth to be appointed since the Bank’s nationalisation in 1946.
The move has been confirmed by chancellor Sajid Javid who said Mr Bailey was the "stand-out candidate" and is a "leader of international standing".
He added: "When we launched this process, we said we were looking for a leader of international standing with expertise across monetary, economic and regulatory matters. In Andrew Bailey that is who we have appointed."
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Mr Bailey had been one of the long-term favourites to take over the position, but has come under heavy scrutiny over the past year amid a series of major auditing failures during his time at the financial services regulator.
The FCA is yet to reveal Mr Bailey's replacement.
Mr Carney had planned to leave the role in June 2018 but was persuaded by then chancellor Philip Hammond to extend his term by another seven months to help ease disruption from Brexit at a critical time.
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But the Canadian's time at the helm has been marred over the past two years, with the governor and the Bank's Monetary Policy Committee (MPC) coming under heavy criticism over their handling of communications surrounding Brexit.
Here's everything you need to know about Mark Carney.
He had come under fire for splurging £100,000 on no-expense-spared party for staff last year.
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