Former Bank of England deputy governor Andrew Bailey will be the British central bank's next governor, according to UK Finance Minister Sajid Javid.
"Andrew was the stand-out candidate in a competitive field," finance minister Sajid Javid told reporters. "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."
Earlier, the Financial Times newspaper reported that Bailey is to become the 121st governor of the UK central bank, replacing incumbent head Mark Carney in early February, as challenging economic times strain the country. Though he is one of the most experienced financial regulators in the United Kingdom, his chances of being appointed as the new head were questioned in the wake of the past years' financial rows over the effectiveness of the FCA as a regulatory body.
The newspaper also reported that the appointment of the new governor was complicated by Brexit and the change of leadership in the country. In addition, some candidates to the position were rejected partly due to their rather critical stances on Brexit.
Brexit remains a big challenge for the central bank and has had a significant impact on the United Kingdom's economic and financial situation. On Friday, the House of Commons will debate Prime Minister Boris Johnson’s withdrawal agreement as a result of parliamentary members approving a motion to bring the prime minister’s Brexit deal into the Commons before Christmas in order to "get Brexit done" by 31 January.