Economics

Bailey Wins BOE Helm to Steer U.K. Through Brexit After Carney

FCA head and former BOE deputy takes on new role in in March
Bailey has overseen numerous scandals at financial watchdog

WATCH: Bailey was “the standout candidate in a competitive field,” Chancellor of the Exchequer Sajid Javid said at a briefing in London.Source: Bloomberg

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By David Goodman and Jess Shankleman

December 20, 2019 at 8:55 AM UTC

Updated on

December 20, 2019 at 12:52 PM UTC

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Andrew Bailey will replace Mark Carney at the helm of the Bank of England after the U.K. government chose a candidate who has criticized European Union financial rules to lead the British economy in the next phase of Brexit.

The current head of the U.K.’s top financial regulator will become governor on March 16. Carney, who was scheduled to leave in January, extended his term to allow for a smoother handover. Britain is set to exit the European Union on Jan. 31, a deadline that is virtually guaranteed after Prime Minister Boris Johnson was returned to power this month.