Andrew Bailey Top Candidate to Govern Bank of England - Report

The appointment of a new head of the Bank of England has reportedly been protracted because of Brexit and the change of leadership of the Conservative party. By the start of February, a new governor of England's central bank is slated take over the authority from incumbent Mark Carney.

On Thursday, Andrew Bailey became the top candidate to lead the most important British financial institution, The Financial Times broke the news.

According to the media outlet, Bailey, who runs the Financial Conduct Authority (FCA), is a former deputy governor of the bank and has reportedly long been seen as a highly-qualified domestic candidate, despite last year's financial scandals which called in to question the effectiveness of the FCA as a regulator.

FT reported, citing sources, on other candidates that could qualify for the high-profile post. In particular, Gerard Lyons, previously Boris Johnson’s economic adviser as London mayor, is also viewed as having a chance of the top job. Ben Broadbent and Jon Cunliffe, the two deputy governors, are also possibly in line for the promotion, FT said.

The successful candidate does not, however, need to be approved by British lawmakers from the Treasury select committee.

The Chancellor of the Exchequer, Sajid Javid, is reportedly preparing to announce the new Bank of England governor on Friday.

According to FT, the new head will inherit a central bank in uncertain economic times, with monetary policy close to the limits of its effectiveness and a new government seeking to boost the economy with a massive expansion of infrastructure spending.