Andrew Bailey selected to replace Mark Carney as the Bank of England governor

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Andrew Bailey selected to replace Mark Carney as the Bank of England governor
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Andrew Bailey, the current head of the U.K.'s financial watchdog, has been named as the next governor of the Bank of England.

The news, first reported by the Financial Times late Thursday, was confirmed by the U.K.'s Finance Minister Sajid Javid on Friday morning.

Bailey, 60, is the chief executive of the Financial Conduct Authority , which regulates the financial services industry in the country. Prior to joining the FCA in 2016, Bailey was the chief executive for the Prudential Regulatory Authority — another part of the U.K.'s central bank.

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