Vterano dog guard Bailey guides Bank England through Brexit: The new government of Britain has appointed Andrew Bailey as the next head of the Bank of England on Friday, entrusting a veteran regulator and technocrat to lead the economy and its vast financial industry through Brexit.

During a 30-year stint at the Bank of England, Bailey helped shore up the banking system against the global financial crisis. Since 2016 he has been directing the industry controlling body, the Financial Conduct Authority.

Finance Minister Sajid Javid called him "the outstanding candidate" as Britain plans for its future outside the EU, and praised Bailey's role in quelling the 2008-09 crisis.

"It is a tribute to his integrity and to his character that he emerged from this ... with his enhanced reputation in Whitehall, the city of London and in the financial capitals," said Javid.

Vterano dog guard Bailey guides Bank England

Bailey, who has sought to present a neutral stance for Brexit, said he was honored to succeed Mark Carney "particularly at such a critical time for the nation when we leave the European Union."

Britain has delayed the nomination since 2018, as it focused on its crooked EU departure and an emphatically-won election last week by Prime Minister Boris Johnson.

Bailey was one of the first candidates for the job, but as the announcement was delayed his chances appeared to be diminished, and his critics accused him of hitting the FCA.

Supporters say he knows how to use the Bank of England's broad powers without alienating bankers, and his role in the financial crisis is familiar to senior officials at other major central banks.

"When I was in the room, I trusted that I had someone who was worth listening to, and more importantly, the solution to what the problem might be," said a former crisis official. than to speak on condition of anonymity.

The 60-year-old man will serve an eight-year term on March 16. Carney has delayed her departure for Jan. 31 until then.
STABLE OR SLOW?

Bailey defeated other recently-watched candidates as more likely to get the best job at the Bank of England, with £ 495,000 a year, including another former Deputy Governor, Minouche Shafik, who now runs the London School. of Economics.

The Financial Times said Johnson rejected Shafik because of his critical views on Brexit.

Bailey is viewed as pro-European, but he usually begins his speech by saying that the FCA does not take a stand on Brexit. He also said that Britain, home of the largest financial center in Europe, should not become a "beneficiary" of EU rules after he left the bloc.

Bailey "should be a date that is above political scrubbing ... a good choice, a constant choice," said Nomura economist George Buckley.

Former FCA predecessor Martin Wheatley had a reputation for being outspoken and suggesting that then-finance minister George Osborne forced him to choose someone who was less conflicted.

Under Bailey's supervision, last year the FCA fined Barclays executive director Jes Staley £ 1.1 million ($ 1.43 million) after trying to identify a complainant. Lawmakers said the sentence was too lenient.

Bailey has also been criticized for not publishing in full a report on alleged misconduct by another British bank, RBS. He cited privacy restrictions.

It was seen that his chances of getting a BoE job were further affected by the suspension of the Woodford equities fund, popular with retail clients now facing big losses.

Leading anti-Brexit activist Gina Miller, who works for wealth management firm SCM Direct, accused Bailey of being too slow to stop the rot at Woodford.

"If you look at everything on its watch, the culture has been to do things at the last minute," he said.

Mr Bailey said that FCA's actions were limited by EU rules.

Born in the city of Leicester in central England, his father was a school principal and his mother a magistrate, "so it's no surprise he ends up like this," she told the Sunday Times in 2016, laughing at his understated style that stands in stark contrast to Carney's high-profile approach.

"Andrew Bailey does not immediately think of Che Guevara," said Sam Woods, Bank of England's under-governor, in 2016. "But Andrew has been at the forefront of the revolution in prudential regulation."

Opposition Labor Party finance chief John McDonnell described Bailey as "an establishment figure whom some consider to be less than inspiring," and said he should show quickly that he could address economic problems of Great Britain.

Bailey helped the BoE contain the consequences of the collapse of the Barings investment bank in 1995 and was private secretary to former Governor Eddie George in the second half of the 1990's. BoE received operational independence to set rates.

This experience should help Bailey to counter questions about her lack of monetary policy experience. He could also get advice from his American wife, Cheryl Schonhardt-Bailey, author and publisher of several books on monetary policy and trade.