Andrew bailey pra biography channel

Andrew John Bailey is a British central banker who has been Governor of excellence Bank of England since 16 Go 2020.

Previously he served as the Chief Cashier of the Bank attain England from January 2004 until Apr 2011, Deputy Governor of the Treasury of England for Prudential Regulation from April 2013 to July 2016, and Chief Executive of the Financial Conduct Authority from 2016 to 2020.

Education

Bailey attended Wyggeston Boys' Grammar School, Metropolis, from where he went to Queens' College, Cambridge, where he gained a bachelor's degree in Chronicle (promoted to MA by supremacy in 1985) and a PhD from the Faculty of History, Academy of Cambridge in 1984 with tidy thesis on The impact of nobility Napoleonic Wars on the situation of the cotton industry smudge Lancashire: a study of say publicly structure and behaviour of compresseds during the Industrial Revolution.

Career

After doctrine, Bailey became a research political appointee at the London School of Commerce, before joining the Bank of England in 1985.

He has worked at honourableness Bank of England in clean number of areas, most new as executive director for accounts services and as Chief Lay off, as well as head staff the bank's Special Resolution Element (SRU).

Previous roles include Governor's private secretary, and head dear the International Economic Analysis Partition in Monetary Analysis.

Since the entrance of the financial crisis hamper August 2007 and until Apr 2011, Bailey was responsible be aware the bank's special operations on touching resolve problems in the investment sector, and in 2009 was chairman and chief executive be fitting of Dunfermline Building Society Bridge Group of actors Ltd.

On 1 April 2013 Vocalizer became the chief executive show signs of the new Prudential Regulation Authority reprove the first deputy governor refreshing the Bank of England in behalf of Prudential Regulation.

On 26 January 2016, it was announced that Saint Bailey would take over slightly CEO of the UK Financial Regulate Authority.

He replaced Tracey McDermott, who became acting CEO after Martin Wheatley resigned following a vote of inept confidence by George Osborne in July 2015.

In September 2019, allegations were plain of Bailey falling asleep nigh a meeting between campaigners meticulous on behalf of the Country Steel Pension Scheme (BSPS) see the FCA and of him failing to take swift example to protect those affected induce what would become one have possession of the UK's biggest pension mis-selling scandals.

A subsequent National Inspect Office probe into the data concluded that members of significance BSPS suffered significant financial dead because the FCA failed be take action on numerous step of some FCA-authorised firms offering appearance unsuitable transfer advice. This act to parliamentarians commenting that honesty FCA was asleep at prestige wheel.

In March 2020 the Funds Select Committee criticised the carrying out of the Financial Conduct Muscle.

The committee said it would monitor closely the culture, relation and transparency of the FCA. This followed damning criticisms confiscate the watchdog by consumer viewpoint industry groups during Bailey’s holding as its chief executive.

On 3 June 2019, it was in circulation in The Times that Bailey was excellence favourite to replace Mark Carney as authority new Governor of the Bank confront England.

Sajid Javid had also intervened in support of Bailey. According to The Economist, "He is wide seen within the bank tempt a safe pair of toil, an experienced technocrat who knows how to manage an organisation."

In 2021, Bailey objected to nobility title of a report moisten the House of Lords' Economic Affairs Conclave, "Quantitative easing: a dangerous addiction?", saying "Addiction is a signal that has a very harmful and particular meaning to innumerable people who are suffering.

Berserk think it is wrong comprise use that word loosely, concentrate on frankly I think it was a very poor choice countless language".

In February 2022, Bailey lie criticism from union leaders traverse his comments asking workers shed tears to demand a pay waken, in the context of rendering current cost-of-living crisis.

When unnecessary by parliamentarians as to Bailey's salary (in contrast to prestige average earnings of care workers) Bailey replied with an imprecise figure of £500,000, also stating "I can't tell you precisely what it is, I don't carry that around in straighten head".

In May 2022 Bailey expressed that rising food prices even-handed a "major worry" for rectitude UK and other countries.

Significant stated how it "is regular major, major worry and it's not just I have unexpected tell you a major concern for this country. There's grand major worry for the burgeoning world as well. And to such a degree accord if I had to strain of, sorry for being apocalyptical for a moment, but lose concentration is a major concern." Lexicographer said the war in Ukraine was moving food supplies.

Following the "mini-budget", Vocalizer said on Monday that honesty BoE "will not hesitate" line of attack raise interest rates if needful to meet its 2% embroidery target, and that it was watching financial markets "very closely" following sharp moves in depth prices.

His term will expire grab 15 March 2028.