FCA chief stresses importance of BoE independence

Financial Conduct Authority (FCA) chief executive and frontrunner of the Bank of England (BoE) leadership race Andrew Bailey has warned politicians not to interfere with the central bank’s independence.

According to Bailey, the BoE’s independence is a “core underpinning” of economic stability, the Sunday Times reported.

Current FCA head Bailey is among the favourites to succeed Bank of England governor Mark Carney when he steps down next year, despite a series of City scandals during his time as head of the watchdog.

Both Carney and the central bank have received criticism from pro-Brexit politicians as a result of their pessimistic Brexit forecasts.

However, Bailey stressed the importance of the BoE retaining its independence, stating: “Central bank independence is a very important underpinning that has to be there all the time.

“You have to be ready to defend it and advocate it in different contexts.”

    Share Story:

Recent Stories


Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.

Every Mortgage Tells a Story
Vida Homeloans is the award-winning specialist mortgage lender for residential and buy to let customers who may not fit the criteria currently demanded by high street lenders. View this video now on how Vida help those in their personal circumstances or their investment strategies.