Andrew Bailey, chief executive of the Financial Conduct Authority (FCA) will become the new governor of the Bank of England from 16 March 2020, taking over from outgoing governor Mark Carney.
Bailey (pictured) is a former deputy governor and will become the 121st governor of the bank.
The Chancellor said: “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.
“Andrew was the stand-out candidate in a competitive field.
“He is the right person to lead the bank as we forge a new future outside the EU and level-up opportunity across the country.
“I also want to take this opportunity to thank Mark Carney for his service as governor.
“The intellect, rigour and leadership he brought to the role during a critical time was a significant contribution to the UK economy moving to recovery and growth.”
Bailey added: “It is a tremendous honour to be chosen as governor of the Bank of England and to have the opportunity to serve the people of the United Kingdom, particularly at such a critical time for the nation as we leave the European Union.
“The bank has a very important job and, as governor, I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does.
“It is important to me that the bank continues to work for the public by maintaining monetary and financial stability and ensuring that financial institutions are safe and sound.
“I am committed to the bank being an accessible and approachable institution, as well as an open and diverse place to work.
“I would like to pay tribute to my colleagues at the FCA for their support during my time as chief executive and the excellent work they do.”
Carney said: “I am delighted to welcome Andrew Bailey back to the bank as its next governor.
“An extraordinary public servant, Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the bank, and most recently as chief executive of the FCA.
“Andrew is widely and deeply respected for his leadership managing the financial crisis, developing the new regulatory frameworks, and supporting financial innovation to better serve UK households and businesses.
“Over the years, I benefitted greatly from his support and wise counsel.
“I wish Andrew and the bank continued success in their work to serve the people of the United Kingdom by maintaining monetary and financial stability.”
Stephen Jones, chief executive at UK Finance, welcomed the appointment.
He added: “We congratulate Andrew Bailey on his appointment.
“Mr Bailey is widely respected, highly experienced and has demonstrated significant expertise in financial services regulation at both the bank and FCA.
“This makes him ideally placed to oversee financial stability and monetary policy through a potentially challenging time for the UK economy when he takes over as Bank of England governor.
“We look forward to working with Bailey in the New Year as we continue to address the major challenges and opportunities facing the banking and finance sector.”