Chancellor's Statement on the Governor of the Bank of England
Chancellor Sajid Javid's statement announcing Andrew Bailey as the new Governor of the Bank of England
Good morning everyone and thank you for coming.
I鈥檓 delighted to be announcing this morning the appointment of the next Governor of the Bank of England.
Let me start by thanking the current Governor, Mark Carney, for his distinguished six and a half years of service.
Mark has led the Bank with conviction, rigour and intelligence through some of the most challenging times in its modern history.
He has shaped and led policy debates in the UK and internationally鈥�
鈥n issues as wide-ranging as financial stability and climate change.
Thank you, Mark, for your leadership.
皇冠体育app appointment of Mark鈥檚 successor is one of the most important decisions I will make as Chancellor.
皇冠体育app Governor is responsible for keeping price rises low and stable鈥�
鈥or making sure that banks are well run鈥�
鈥nd for securing the stability of our financial system.
So this appointment is about finding the right person for the job not just for the next few years鈥�
鈥ut for the long-term strength of the economy.
Our search for the new Governor has been robust, transparent and exhaustive.
I鈥檇 like to thank the team who have led the appointment process:
- Tom Scholar, Permanent Secretary to the Treasury
- Charles Roxburgh, Second Permanent Secretary
- Bradley Fried, Chair of the Court of the Bank of England;
- And Dame Kate Barker, who served as the independent panel member.
And I鈥檓 also very grateful to all the excellent candidates who put themselves forward.
But there was one clear frontrunner鈥�
鈥ho I had no hesitation in recommending to the Prime Minister.
In turn, the Prime Minister has advised Her Majesty the Queen 鈥� who has now approved the appointment.
I am delighted to announce that the next Governor of the Bank of England will be Andrew Bailey.
When we launched this process, we said we were looking for a leader of international standing鈥�
鈥ith expertise across monetary, economic and regulatory policy.
In Andrew Bailey, that is who we have found.
He was the standout candidate in a competitive field.
Without question, he is the right person to lead the Bank鈥�
鈥s we forge a new future outside the EU and level-up across our great country.
Andrew brings unparalleled experience of central banking鈥�
鈥nd can draw on thirty years of experience in every aspect of the Bank鈥檚 work鈥�
鈥rom monetary policy to financial stability鈥�
鈥o the regulation of individual banks and insurance companies.
During the financial crisis, he led the teams who were on the front line of the Bank鈥檚 response.
And it is a tribute to his integrity and his character鈥�
鈥hat he emerged from the most serious crash in living memory with his reputation enhanced鈥�
鈥n Whitehall, in the City of London and in financial capitals around the globe. 鈥�
Many of you will know Andrew in his current role as Chief Executive of the Financial Conduct Authority.
He took over the organisation at a difficult time and has transformed it, putting the needs and interests of consumers first.
I would particularly highlight his proud record of increasing the diversity of the FCA鈥檚 senior leadership team.
And under his leadership, he is committed to making the Bank a more open and diverse institution.
In short, the breadth and depth of his experience at the very highest levels are unmatched. 鈥�
So I am delighted that Andrew has agreed to serve a full eight-year term.
He will take up the post of Governor on March 16th鈥�
鈥eaving time for an orderly transition鈥�
鈥nd a pre-commencement hearing of the Treasury Committee, should they request one.
I鈥檓 extremely grateful to Mark Carney for agreeing to extend his time in post until March 15th.
Let me conclude with one final point.
I鈥檓 speaking today in the same room in which Gordon Brown first made the Bank of England independent, 22 years ago. 鈥�
It is striking that even at a time when there are very different views on the best way to run our economy鈥�
鈥ll parties agree that the independence of the Bank of England is essential to a strong economy.
皇冠体育app appointment of the Governor of the Bank of England transcends party politics.
What matters is that we appoint someone who can make the right decisions for British businesses and families鈥�
鈥nd do so over the long term.
Andrew Bailey has the experience, the record and the character to do just that.
He is without a doubt the best candidate for the job.
And I鈥檓 very much looking forward to working with him in the years to come.
Thank you.