Live coverage as head of City regulator chosen to lead at Threadneedle Street
- Full story: Andrew Bailey appointed head of Bank of England
- Mark Carney’s term in office extended – but only for six weeks
- Third-quarter UK GDP growth revised up to 0.4%; business investment flat
- UK consumer confidence increases with better long-term prospects expected
Markets dont seem too excited by the passing of the withdrawal agreement bill in parliament this afternoon. It’s still looking pretty tame as we head into the holiday period.
MPs voted 358 to 234 to pass the bill, but with Boris Johnson having secured such a large majority last week, this was largely priced in by investors.
Can Andrew Bailey be the “people’s governor”?
That is the challenge put forward by Dame Helena Morrissey, who was in the running to replace Mark Carney.
Bailey’s appointment does feel a bit out of sync with the zeitgeist – I felt we needed a ‘people’s governor’, someone who would prioritise building the public’s trust in the financial system right across the country.
I would also have welcomed someone who’s an experienced market practitioner (not necessarily me) who might be more likely to spot the next potential crisis.