The new head of the Bank of England (BOE) will be Andrew Bailey, the current Chief Executive Officer (CEO) of the Financial Conduct Authority (FCA) who will take Mark Carney’s place.

Bailey will take the reins of the central bank on the 16th of May, the chancellor, Sajid Javid announced. In order to ensure a smoother transition, Carney has extended his term, which was scheduled to conclude at the end of January next year.

Unlike Carney, Bailey has agreed to serve a full eight-year term. He joins the Bank of England at a difficult time, with Brexit now all but guaranteed to happen at the end of January with the recent re-election of Boris Johnson. In fact, due to Bailey’s experience and largely uncontroversial political stance, he has been viewed as a safe option to lead the British central bank. He has also had extensive experience as a former deputy governor at the BoE.