UK chancellor, Sajid Javid, confirms the appointment
Bailey will serve an 8-year term and will take over as BOE governor on 16 March 2020. He will succeed incumbent BOE governor Mark Carney, who will be departing on 15 March 2020 to pursue a career in politics.
The appointment isn't a big surprise given overnight developments, as Bailey was named favourite for his views on Brexit. Prior to that, Minouche Shafik was the front runner but the government was reported to have not been impressed by her views on Brexit.
