Career
After university,Bailey became a research officer at the London School of Economics,then joined the Bank of England in 1985. [6] He held various roles,including as executive director for banking services,Chief Cashier,and head of the bank's Special Resolution Unit (SRU). [6] Earlier roles included Governor's private secretary,and head of the International Economic Analysis Division in Monetary Analysis. [6]
From August 2007 until April 2011,Bailey led the bank's special operations addressing banking sector issues,including during the 2008 financial crisis. [6] In 2009,he served as chairman and chief executive of Dunfermline Building Society Bridge Bank Ltd.
On 1 April 2013,Bailey became chief executive of the new Prudential Regulation Authority [7] and the first deputy governor of the Bank of England for Prudential Regulation. [6]
On 26 January 2016,it was announced Bailey become CEO of the UK Financial Conduct Authority [8] replacing acting CEO Tracey McDermott,who had taken over following Martin Wheatley's resignation after a vote of no confidence by George Osborne in July 2015. [9]
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. [10]
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. [11]
Governor of the Bank of England
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. [12] 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." [13] On 20 December 2019,it was officially announced by the Chancellor Sajid Javid that Bailey would take over as Governor on 16 March 2020. [6]
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". [14]
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 cost-of-living crisis. When pressed by parliamentarians as to Bailey's salary,he replied with an approximate figure of £500,000,stating "I can't tell you exactly what it is,I don't carry that around in my head". [15] [16]
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. [17]
Following the "mini-budget",Bailey said 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. [18]
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. [19]
In April 2025,Bailey was appointed the next chair of the Financial Stability Board. [20]
Bailey's term as Governor is due to end on 15 March 2028. [6]
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