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’m 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…
…on issues as wide-ranging as financial stability and climate change.
Thank you, Mark, for your leadership.
The appointment of Mark’s successor is one of the most important decisions I will make as Chancellor.
The Governor is responsible for keeping price rises low and stable…
…for making sure that banks are well run…
…and 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…
…but for the long-term strength of the economy.
Our search for the new Governor has been robust, transparent and exhaustive.
I’d 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’m also very grateful to all the excellent candidates who put themselves forward.
But there was one clear frontrunner…
…who I had no hesitation in recommending to the Prime Minister.
In turn, the Prime Minister has advised Her Majesty the Queen – 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…
…with 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…
…as we forge a new future outside the EU and level-up across our great country.
Andrew brings unparalleled experience of central banking…
…and can draw on thirty years of experience in every aspect of the Bank’s work…
…from monetary policy to financial stability…
…to 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’s response.
And it is a tribute to his integrity and his character…
…that he emerged from the most serious crash in living memory with his reputation enhanced…
…in Whitehall, in the City of London and in financial capitals around the globe.
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’s 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.
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…
…leaving time for an orderly transition…
…and a pre-commencement hearing of the Treasury Committee, should they request one.
I’m extremely grateful to Mark Carney for agreeing to extend his time in post until March 15th.
Let me conclude with one final point.
I’m speaking today in the same room in which Gordon Brown first made the Bank of England independent, 22 years ago.
It is striking that even at a time when there are very different views on the best way to run our economy…
…all parties agree that the independence of the Bank of England is essential to a strong economy.
The 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…
…and 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’m very much looking forward to working with him in the years to come.
Thank you.