Dec 20, 2019

Andrew Bailey's 'slow and steady' rise to power

As far back as June, Andrew Bailey was being spoken of as the favourite for the job. "Mr Bailey has played a slow and steady campaign," Simon French, chief economist at Panmure Gordon, told the BBC. Mr Bailey, 60, was born in Leicester and went to Wyggeston Grammar School for Boys. As a result, he was involved with the 2008 government rescue of Royal Bank of Scotland and HBOS. "The [RBS] treasurer, John Cummins, came in and I thought he was going to have a heart attack and he looked at me and said, I need £25bn today, can you do it? I said, 'Yes, I can do that,'" Mr Bailey said in an interview. Former Permanent Treasury Secretary Lord McPherson described Mr Bailey as the most able and competent Bank of England official he had ever worked with. Lord McPherson added that while Mr Bailey would not make waves for the government, he had the backbone to stand up to it.

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