Bank of England  

Bailey to be grilled over BoE appointment next week

Bailey to be grilled over BoE appointment next week

The Treasury Committee is set to quiz Andrew Bailey over his appointment as the governor of the Bank of England at an evidence session next week. 

The outgoing chief executive of the Financial Conduct Authority is set to take up the helm at the Bank on March 16, one day after incumbent Mark Carney steps down from the role. 

Concerns have been raised over the suitability of the appointment in light of a string of financial losses in the market under the FCA's watch - with alarm bells most notably rung by campaigner Gina Miller. 

Earlier this week Ms Miller called for Mr Bailey's appointment to be reviewed and in a statement today said if the committee found "irrefutable" evidence against his suitability they would have "no choice but to urge the government to find an alternative". 

The Treasury committee is tasked with scrutinising the appointment of the new governor of the Bank of England, which it intends to do at an evidence session on March 4. 

The committee said it holds "no formal veto" of the appointment but following the evidence session with Mr Bailey it will likely publish a report on his suitability for the role of governor.

If the group of MPs do not approve of the appointment it will recommend to the government that it selects another candidate.

Mr Bailey has often been listed as a frontrunner to replace Mr Carney despite denying that he was lobbying for the job last year.

He has headed up the FCA since 2016 but before this had been at the BoE for most of his career, eventually becoming chief cashier.

In December then-chancellor Sajid Javid backed Mr Bailey as a "stand out candidate" for the role and if the appointment goes ahead he will receive an annual salary of £495,000.

rachel.mortimer@ft.com

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