Andrew Bailey is the front-runner to become the new governor of the Bank of England, a decision which will be announced on Friday.
Bailey is currently chief executive of the UK’s Financial Conduct Authority, and will take over from Mark Carney, who will step down on 31 January.
The Canadian Carney was hand-picked by former finance minister George Osborne and has repeatedly been criticised by Brexiteers who have accused him of being part of ‘Project Fear’ – warning of the economic damage that leaving the EU will have on the UK economy.
Prime Minister Boris Johnson is reported to have insisted that he will not have a anti-Brexit governor. The new governor takes over at a very delicate time. Many bank insiders fear that the UK is on the brink of a recession and that the Bank has few remaining tools to cushion any economic blow.
(Benjamin Fox, EURACTIV.com)