Andrew Bailey (banker) - Wikipedia https://en.wikipedia.
org/wiki/Andrew_Bailey_(banker)
Andrew Bailey (banker)
Andrew John Bailey (born 30 March 1959) is a
British central banker and Governor of the Bank Andrew Bailey
of England since 16 March 2020.
Previously he served as the Chief Cashier of the
Bank of England under Mervyn King from
January 2004 until April 2011, Deputy Governor
of the Bank of England for Prudential Regulation
under Mark Carney from April 2013 to July 2016
and Chief Executive of the Financial Conduct
Authority from 2016 to 2020.[1]
Education
Bailey attended Wyggeston Boys' Grammar
School, Leicester, from where he went to Queens'
College, Cambridge. He gained a B.A. in History
(promoted to M.A. (Cantab.) in 1985) and a Ph.D. Bailey in 2022.
from the Faculty of History, University of Governor of the Bank of England
Cambridge in 1984 with a thesis on the impact of Incumbent
the Napoleonic Wars on the development of the
Assumed office
cotton industry in Lancashire.[2][3]
16 March 2020
Appointed by Sajid Javid
Career Preceded by Mark Carney
Chief Executive of the Financial Conduct
After university, Bailey became a research officer Authority
at the London School of Economics, then joined In office
the Bank of England in 1985. He held various 1 July 2016 – 15 March 2020
roles, including as executive director for banking Preceded by Tracey McDermott
services, Chief Cashier, and head of the bank's
Succeeded by Nikhil Rathi
Special Resolution Unit (SRU). Earlier roles
included Governor's private secretary, and head Deputy Governor of the Bank of England
for Prudential Regulation
of the International Economic Analysis Division
in Monetary Analysis. In office
1 April 2013 – 1 July 2016
From August 2007 until April 2011, Bailey led the Governor Mark Carney
bank's special operations addressing banking
Preceded by Office established
sector issues, including during the 2008 financial
Succeeded by Sam Woods
crisis. In 2009, he served as chairman and chief
executive of Dunfermline Building Society Bridge Chief Cashier of the Bank of England
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Andrew Bailey (banker) - Wikipedia https://en.wikipedia.org/wiki/Andrew_Bailey_(banker)
Bank Ltd. In office
1 January 2004 – 1 April 2011
On 1 April 2013, Bailey became chief executive of
Governor Mervyn King
the new Prudential Regulation Authority[4] and
the first deputy governor of the Bank of England Preceded by Merlyn Lowther
for Prudential Regulation. Succeeded by Chris Salmon
Personal details
On 26 January 2016, it was announced Bailey
Born 30 March 1959
become CEO of the UK Financial Conduct
Leicester, England
Authority[5] replacing acting CEO Tracey
McDermott, who had taken over following Martin Spouse Cheryl Schonhardt-Bailey
Wheatley's resignation after a vote of no Children 2
confidence by George Osborne in July 2015.[6] Alma mater Queens' College, Cambridge
(MA, PhD)
In September 2019, Bailey faced allegations of
falling asleep during a meeting with campaigners
for the British Steel Pension Scheme (BSPS) and failing to act quickly on a major pension mis-
selling scandal. A subsequent National Audit Office probe into the case concluded that members
of the BSPS suffered significant financial losses because the FCA failed to take action on
numerous reports of some FCA-authorised firms giving unsuitable transfer advice. This led to
parliamentarians commenting that the FCA was asleep at the wheel.[7]
In March 2020, the Treasury Select Committee criticised the performance of the Financial
Conduct Authority. The committee said it would monitor closely the culture, operations and
transparency of the FCA. This followed damning criticisms of the watchdog by consumer and
industry groups during Bailey's tenure as its chief executive.[8]
On 3 June 2019, it was reported in The Times that Bailey was the favourite to replace Mark
Carney as the new governor of the Bank of England.[9] Sajid Javid had also intervened in
support of Bailey.[10][11] According to The Economist: "He is widely seen within the bank as a
safe pair of hands, an experienced technocrat who knows how to manage an organisation."[12]
In 2021, Bailey objected to the title of a report by the House of Lords' Economic Affairs
Committee, "Quantitative easing: a dangerous addiction?", saying "[Addiction] is a word that
has a very damaging and particular meaning to many people who are suffering. I think it is
wrong to use that word loosely, and frankly I think it was a very poor choice of language".[13]
In February 2022, Bailey faced criticism from union leaders over his comments asking workers
not to demand a pay rise, in the context of the current cost-of-living crisis. When pressed by
parliamentarians as to Bailey's salary (in contrast to the average earnings of care workers)
Bailey replied with an approximate figure of £500,000, also stating "I can't tell you exactly what
it is, I don't carry that around in my head".[14][15]
In May 2022, Bailey stated that the possibility of more rises in food prices was a "major worry"
for the UK and other countries. He said the Russian invasion of Ukraine was affecting food
supplies.[16]
Following the "mini-budget", Bailey said on Monday that the BoE "will not hesitate" to raise
interest rates if needed to meet its 2% inflation target, and that it was watching financial
markets "very closely" following sharp moves in asset prices.[17]
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Andrew Bailey (banker) - Wikipedia https://en.wikipedia.org/wiki/Andrew_Bailey_(banker)
In 2025, responding to Rachel Reeves's proposal to ease regulation to spur UK growth, Bailey
warned against weakening regulations, insisting there is "no trade-off" between growth and
financial stability, warning not to forget about the pain of the 2008 financial crisis.[18]
His term ends on 15 March 2028.
In April 2025, Bailey was appointed the next chair of the Financial Stability Board.[19]
Personal life
He is married to Cheryl Schonhardt-Bailey, professor of political science and head of the
Department of Government at the London School of Economics and Political Science (LSE).[20]
References
1. "Andrew Bailey" (http://www.bankofengland.co.uk/about/people/andrew-bailey/biography).
www.bankofengland.co.uk. Retrieved 16 March 2020.
2. Bailey, Andrew John (1985). The impact of the Napoleonic Wars on the development of the
cotton industry in Lancashire: a study of the structure and behaviour of firms during the
Industrial Revolution (https://idiscover.lib.cam.ac.uk/permalink/f/16u99e0/44CAM_ALMA214
28196350003606) (Ph.D. Dissertation). University of Cambridge. Faculty of History.
Retrieved 23 December 2019.
3. "Andrew Bailey CV" (https://www.bankofengland.co.uk/-/media/boe/files/about/people/andre
w-bailey/cv.pdf), www.bankofengland.co.uk. Retrieved 17 March 2021.
4. About the Bank | People | Andrew Bailey – Executive Director and Head of the Prudential
Business Unit (http://www.bankofengland.co.uk/about/people/biographies/bailey.htm)
Archived (https://web.archive.org/web/20170210201814/http://www.bankofengland.co.uk/ab
out/people/biographies/bailey.htm/) 10 February 2017 at the Wayback Machine. Bank of
England. Retrieved 28 April 2012.
5. "Andrew Bailey is new City watchdog boss" (https://www.bbc.com/news/business-3540830
2). BBC News. 26 January 2016.
6. Inman, Phillip (17 July 2015). "City watchdog chief quits after George Osborne vote of no
confidence" (https://www.theguardian.com/business/2015/jul/17/city-watchdog-chief-quits-fc
a-george-osborne). The Guardian. ISSN 0261-3077 (https://search.worldcat.org/issn/0261-3
077). Retrieved 14 February 2017.
7. "Ex-FCA chief Bailey 'fell asleep' in pensions mis-selling meeting" (https://www.ft.com/conte
nt/f8f154c2-2e8c-4127-9420-dce26a760502). Financial Times. 18 March 2022.
8. Inman, Phillip (5 March 2020). "Concerns raised over new Bank of England governor's time
at FCA" (https://www.theguardian.com/business/2020/mar/05/concerns-raised-over-new-ba
nk-of-england-governors-time-at-fco). The Guardian.
9. Costello, Miles (3 June 2019). "The week ahead" (https://www.thetimes.com/business-mone
y/markets/article/the-week-ahead-67jtm7zbv). The Times. ISSN 0140-0460 (https://search.w
orldcat.org/issn/0140-0460). Retrieved 3 June 2019.
10. "Revealed: Sajid Javid scored victory over rival Dominic Cummings when it came to
appointing new Bank of England Governor" (https://www.standard.co.uk/business/revealed-
sajid-javid-scored-victory-over-rival-dominic-cummings-when-it-came-to-appointing-new-ban
k-a4354451.html). London Evening Standard. 5 February 2020. Retrieved 9 February 2020.
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Andrew Bailey (banker) - Wikipedia https://en.wikipedia.org/wiki/Andrew_Bailey_(banker)
11. Partington, Richard (20 December 2019). "Andrew Bailey appointed head of Bank of
England" (https://www.theguardian.com/business/2019/dec/20/andrew-bailey-appointed-hea
d-of-bank-of-england). The Guardian. Retrieved 2 April 2020. "Javid is understood to have
decided on Bailey."
12. "Andrew Bailey takes over as governor of the Bank of England" (https://www.economist.co
m/britain/2020/03/15/andrew-bailey-takes-over-as-governor-of-the-bank-of-england). The
Economist. 15 March 2020.
13. Fisher, Lucy; Lynch, Russell (5 August 2021). "Bank of England chief attacks peers for
calling quantitative easing an 'addiction' " (https://www.telegraph.co.uk/politics/2021/08/05/b
ank-england-governor-attacks-peers-describing-money-printing/). The Telegraph – via
www.telegraph.co.uk.
14. "Bank of England boss criticised for asking workers not to demand pay rise" (https://www.th
eguardian.com/business/2022/feb/04/bank-of-england-boss-calls-for-wage-restraint-to-help-
control-inflation). The Guardian. 4 February 2022. Retrieved 4 February 2022.
15. Bruce, Andy (23 February 2022). " 'What's your pay, governor?': BoE's Bailey chided over
wages talk" (https://www.reuters.com/world/uk/whats-your-pay-governor-boes-bailey-chide
d-over-wages-talk-2022-02-23/). Reuters.
16. "Bank governor in 'apocalyptic' warning over rising food prices" (https://www.bbc.com/news/
business-61469532). BBC News. 16 May 2022.
17. Milliken, David; M, Muvija (26 September 2022). "Bank of England says it "will not hesitate"
to raise rates" (https://www.reuters.com/world/uk/bank-england-monitoring-financial-market
s-very-closely-2022-09-26/). Reuters.
18. ‘Let’s not forget the pain of the 2008 crisis in pursuit of growth,’ warns Andrew Bailey (http
s://www.theguardian.com/business/2025/feb/11/andrew-bailey-warns-against-watering-dow
n-city-regulations-in-pursuit-of-growth)
19. "BOE's Bailey Nominated to Lead Global Finance Watchdog FSB" (https://www.bloomberg.c
om/news/articles/2025-04-07/boe-s-bailey-nominated-to-lead-global-finance-watchdog-fsb).
Bloomberg. April 2025.
20. Smith, Mikey (20 December 2019). "The wife of new Bank chief Andrew Bailey once
confronted a grizzly bear" (https://www.mirror.co.uk/news/politics/wife-bank-chief-andrew-bai
ley-21133385). mirror.
External links
Profile at the FSA (http://www.fsa.gov.uk/pages/About/Who/Management/Retail/bailey.shtm
l) Archived (https://web.archive.org/web/20130113022455/http://www.fsa.gov.uk/pages/abou
t/who/management/retail/bailey.shtml) 13 January 2013 at the Wayback Machine
Retrieved from "https://en.wikipedia.org/w/index.php?title=Andrew_Bailey_(banker)&oldid=1295090856"
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