UK appoints new Bank of England governor

The British government on Friday announced the appointment of Andrew Bailey as the new Bank of England governor.

Bailey had previously worked at the Bank of England for 30 years. He was instrumental in steering the British economy during the 2008 financial crisis.

The 60-year-old served as the Bank of England's deputy governor before leaving to head the Financial Conduct Authority. He replaces the outgoing head of the UK's central bank, Mark Carney, in March of next year.

"I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it goes," said Bailey. "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."

Minouche Shafik, who used to preside over the interest rate the Bank of England sets every month, was widely expected to become the next governor, but the Financial Times reported earlier that the economist was told earlier this week that she was no longer being considered for the role.

She was reportedly excluded for her resistance to Brexit.

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jsi,ls/ng (Reuters, AFP)