The Chancellor of the Exchequer, Sajid Javid, has announced that Andrew Bailey is to replace Mark Carney as the Governor of the Bank of England from 16 March 2020.

Bailey, who has had experience of leading both the FCA and PRA, will be the 121st Governor in the Bank’s 325-year history and the 9th to be appointed since the Bank’s nationalisation in 1946.

To ensure continuity, an interim chief executive of the FCA will be appointed well ahead of Bailey’s departure to manage the organisation until a permanent successor is chosen.

Commenting on Bailey’s appointment, Ben Nelmes, head of public policy at the UK Sustainable Investment and Finance Association, said: “Finding ways to make UK financial services not just more responsible, but more responsive to the big challenges facing society and the planet is one of the key challenges for the new Governor. With next year’s UN climate summit in Glasgow and beyond, the new Governor must make the Bank’s work on climate change an immediate priority.”

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