On 20 December 2019, Andrew Bailey was announced as the new Governor of the Bank of England. He began his term on 16 March 2020. Andrew Bailey served as Chief Executive Officer of the Financial Conduct Authority (FCA) from 1 July 2016 until taking up the role of Governor. As CEO of the FCA, Andrew Bailey was also a member of the Prudential Regulation Committee, the Financial Policy Committee, and the Board of the Financial Conduct Authority.
Andrew previously held the role of Deputy Governor, Prudential Regulation and CEO of the PRA from 1 April 2013. While retaining his role as Executive Director of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting. Previously, Andrew worked at the Bank in a number of areas, most recently as Executive Director for Banking Services and Chief Cashier, as well as Head of the Bank’s Special Resolution Unit (SRU). Previous roles include Governor’s Private Secretary, and Head of the International Economic Analysis Division in Monetary Analysis.
Andrew Bailey is an inspiring leader whose journey to becoming the Governor of the Bank of England reflects his unwavering dedication to public service, financial stability, and leadership in times of challenge. Born in 1959, he grew up with a passion for economics and public policy. After studying at the University of Cambridge, he embarked on a remarkable career that saw him contribute to financial regulation in both the UK and internationally. Bailey’s career includes pivotal roles at the Financial Services Authority and the Prudential Regulation Authority, where he demonstrated a commitment to safeguarding financial systems. His deep understanding of global markets, regulatory frameworks, and crisis management made him an invaluable asset during financial crises. When he was appointed Governor of the Bank of England, it was a culmination of years of expertise and resilience.
His leadership through turbulent economic times, including navigating the post-Brexit landscape and the challenges brought on by the global pandemic, has earned him widespread respect. Bailey’s steadfast determination to foster economic growth while ensuring the stability of the financial sector highlights his resilience, vision, and integrity. Under his stewardship, the Bank of England continues to prioritize the needs of the public and the stability of the UK’s financial systems, making him a beacon of calm and wisdom in an ever-changing world.
The Bank of England has maintained a significant presence in Leeds for over 200 years. In May 2024, the Bank announced plans to expand its Leeds office to accommodate more than 500 staff members, reflecting its commitment to better serve the public and strengthen ties with the local business community. In a move to decentralize operations, the Bank of England has expanded its presence in Leeds. The initiative aims to establish a workforce of 500 staff members in the city, representing 10% of the Bank’s total staff. However, attracting staff from London has proven challenging, with only 156 employees expressing interest in relocating to West Yorkshire.
For over 330 years, the Bank of England has been the steadfast heart of the United Kingdom’s financial system. Founded in 1694, it has continuously adapted to global shifts, evolving into a modern, independent central bank with a singular, crucial mission: to maintain monetary and financial stability. This deep-rooted history, stretching from the reign of William and Mary to today in August 2025, underscores its enduring commitment to the nation’s economic well-being and its integral role in the UK’s journey towards prosperity.
At its core, the Bank works tirelessly to ensure a stable economic environment where individuals and businesses can thrive. This is achieved through two primary functions: first, by expertly managing monetary policy, including setting interest rates, to keep inflation low and stable. This vital work ensures that your money retains its value, making costs predictable and empowering families and enterprises across the UK to plan their futures with confidence. Secondly, the Bank acts as the vigilant guardian of financial stability, overseeing the integrity and resilience of the UK’s vast financial system, protecting deposits, and ensuring the smooth flow of credit essential for economic growth.
More than just a regulator, the Bank of England is a hub of world-class expertise and insightful analysis, constantly researching and forecasting economic trends to anticipate challenges and drive informed decision-making. Its dedicated team of professionals are committed to safeguarding the UK’s financial future, fostering an environment where innovation can flourish and prosperity can be widely shared. The Bank of England remains a cornerstone of trust, working behind the scenes every day to build a more secure and prosperous future for everyone in the United Kingdom.
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