Andrew Bailey named as next Bank of England governor

LONDON – The British government has named Andrew Bailey, head of the U.K.’s finance watchdog, as the next governor of the Bank of England.

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.

Bailey will replace current governor Mark Carney on March 16. Carney has agreed to extend his term from Jan. 31 to allow a smooth transition.

The new governor’s main task will be making sure the bank can negotiate any choppy waters caused by Britain’s departure from the European Union.