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Next Bank of England governor looks to ease rules after Brexit

Andrew Bailey speaking at a press conference at the Bank of England | Pool photo by Kirsty O'Connor via Getty Images

Next Bank of England governor looks to ease rules after Brexit

Andrew Bailey has predicted UK would ‘take on board practical experience more rapidly.’

By

12/20/19, 5:11 PM CET

Updated 12/20/19, 5:37 PM CET

Andrew Bailey, named on Friday as the next governor of the Bank of England, has signaled a readiness to diverge from EU regulations after Brexit.

Bailey will be one of the most influential policymakers in the country when he takes office next March 16 for a period of eight years — exceeding the mandate of elected politicians. He replaces Mark Carney, who governed since 2013 and won praise for putting climate change on the agenda for finance.

Sajid Javid, Britain’s chancellor of the exchequer (finance minister) said Bailey’s appointment “is one of the most important decisions I will make.”

While the government was looking for a new head of the central bank in 2019, Bailey said the U.K. should simplify its rules for the financial sector once it leaves the EU, seeking an “outcome-based approach” rather than identical requirements.

Bailey’s appointment was widely expected among financiers and observers, who know him well from years overseeing the sector.

“Andrew Bailey has the experience to do the job and is an impressive communicator” — Jonathan Reynolds, Labour MP

Described by Carney as “an extraordinary public servant,” Bailey has already worked at the Bank of England as deputy governor in charge of banking regulation.

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