Andrew bailey family

Andrew Bailey (born 30 March ) is a British central banker who has served as the Governor of the Bank of England since 16 March He is the st governor in the Bank's history and succeeded Mark Carney in the role.

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Early life and education

Bailey was born in Leicester, England. He attended Wyggeston Boys' Grammar School in Leicester before studying at Queens' College, Cambridge, where he gained a BA in History and a PhD in Economic History. ^[1]

Career

Early career Bailey began his career as a research officer at the London School of Economics in He joined the Bank of England in , where he would spend most of his professional life.^[2]

Bank of England

At the Bank of England, Bailey held various senior positions, including:

• Executive Director for Banking Services ()
• Chief Cashier ()
• Head of the Bank's Special Resolution Unit ()
• Deputy Governor for Prudential Regulation ()

During the financial crisis, Bailey played a crucial role in the resolution of troubled banks, including Northern Rock.

Financial Conduct Authority

From to , Bailey served as the chief executive of the Financial Conduct Authority (FCA), the UK's financial regulatory body. His tenure at the FCA was marked by several high-profile cases and controversies, including the collapse of London Capital & Finance and the suspension of the Woodford Equity Income Fund.

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He took over that role in July of The appointment was made by George Osborne, the Chancellor of the Exchequer. Bailey took over the position from Tracey McDermott, the interim chief who headed the FCA since the regulator's founder, Martin Wheatley, was ousted in July of ^[3]

Governor of the Bank of England

In December , Bailey was announced as the next Governor of the Bank of England, succeeding Mark Carney.

He assumed the role on 16 March , just as the COVID pandemic was beginning to impact the global economy.^[4] As Governor, Bailey has faced significant challenges, including:

• Steering monetary policy through the economic impact of the COVID pandemic
• Addressing rising inflation in the post-pandemic recovery period
• Managing the economic consequences of Brexit
• Approach and leadership style

Bailey is known for his calm and methodical approach to policymaking.

He has been described as a pragmatist who prefers to make decisions based on evidence rather than ideology. His leadership style has been characterized as steady and low-key, in contrast to some of his more high-profile predecessors.

Criticism and controversies

During his tenure at the FCA and as Bank of England Governor, Bailey has faced criticism over several issues:

• The FCA's handling of the London Capital & Finance scandal
• The collapse of Greensill Capital
• The Bank of England's response to rising inflation in

Despite these challenges, Bailey has maintained the support of the UK government and continues to lead the Bank of England through a period of significant economic uncertainty.

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During his career, he spent several years getting Britain's biggest banks to hold more capital. He also warned authorities in the UK and the US against fining banks excessively.

References