Andrew Bailey Is the Perfect Choice for Brexiters
The new Bank of England governor is not the most exciting recruit, but his regulatory background should help the City of London survive Brexit.
To Brexit and beyond.
Photographer: Chris J. Ratcliffe/BloombergThe suspense is over. After a seemingly endless carousel of candidates mulled over in the media, the next Bank of England governor will be the longstanding favorite Andrew Bailey. Seen as the ultimate safe pair of hands and respected across government and the City of London, he was always the logical choice — if not necessarily the most exciting.
His background in regulation will be critical as the U.K. forges its post-Brexit financial trading relationship with the European Union and the rest of the world. And for those who see the split from Europe as an opportunity for the City, rather than a disaster, his appointment will no doubt be a comfort.