New governor of Bank of England
Andrew Bailey, the head of the Financial Conduct Authority, has been announced as the next governor of the Bank of England.
Mr Bailey, former deputy governor of the Bank, has been confirmed for the role by Chancellor Sajid Javid.
The Chancellor said Mr Bailey was the “stand-out candidate” and is a “leader of international standing”.
He had been one of the long-term favourites to take over the position, but has come under heavy scrutiny over the past year amid a series of major auditing failures during his tenure at the financial services regulator.