The United Kingdom has picked a safe pair of hands — the country's top financial regulator — to succeed Mark Carney as Bank of England governor as the economy enters uncharted territory after Brexit.
Andrew Bailey, currently head of the Financial Conduct Authority and a former deputy governor of the UK central bank, will take on the job when Carney steps down in March. Carney's departure from the bank has been delayed three times because of the confusion surrounding Brexit.Bailey will benefit from a degree of clarity on Brexit following Prime Minister Boris Johnson's clear victory in the UK election last week.
There's also concern that the country will run out of time to clinch a deal before the transitional arrangements expire at the end of 2020, raising the prospect of a damaging rupture of trade ties with the bloc.Read MoreThe pound, which had raced to its highest level since the middle of 2018 following the election, shed all of those gains this week as anxieties resurfaced. It's now trading back near $1.30.How monetary policy will unfold over the coming year is hard to predict.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Andrew Bailey firm favorite to head Bank of England: FTFormer Bank of England deputy governor Andrew Bailey is the firm favorite to be ...
Read more »
Andrew Bailey selected as Bank of England governor: FTAndrew Bailey, the Bank of England's former deputy governor, has been selec...
Read more »
Andrew Bailey selected to replace Mark Carney as the Bank of England governorAndrew Bailey, the current head of the U.K.'s financial watchdog, has been named as the next governor of the Bank of England.
Read more »
Andrew Bailey named as next Bank of England governorLONDON (AP) — The British government has named Andrew Bailey, head of the U.K.’s finance watchdog, as the next governor of the Bank of England. The appointment of Bailey, who currently heads...
Read more »
Bank of England plans to test how climate change could affect the financial systemDiscussion paper will be used to consult stakeholders on how exercise will be designed.
Read more »