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The appointment of Bailey, who currently heads the Financial Conduct Authority, was made Friday by British Treasury chief Sajid Javid.
Javid said Bailey was the “standout” candidate and will serve an eight-year term, a time that will be dominated by Britain's departure from the European Union, which is set to take place on Jan.31.
“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,” Javid said.
Bailey said it was a “tremendous” honor to be chosen as governor “particularly at such a critical time for the nation as we leave the European Union.”
Bailey will take up his post on March 16, replacing current governor Mark Carney who has been at the helm since 2013. Carney has agreed to extend his term from Jan. 31 to allow a smooth transition.
“I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does,” Bailey said.
“It is important to me that the bank continues to work for the public by maintaining monetary and financial stability and ensuring that financial institutions are safe and sound.”
Prime Minister Boris Johnson approved Javid's recommendation and Queen Elizabeth II has given her formal approval to Bailey's appointment.