Andrew Bailey will become the Governor of the Bank of England from 16 March 2020, replacing Mark Carney.

Bailey is currently head of the Financial Conduct Authority and was deputy governor under Carney for three years until 2016.

He will serve an eight year term.

Bailey said: “It is important to me that the Bank continues to work for the public by maintaining monetary and financial stability and ensuring that financial institutions are safe and sound.”

Bailey is not popular across the board.

He has previously been criticised for failing to investigate complaints about Lloyds Banking Group

Labour shadow chancellor John McDonnell tweeted: “As an establishment figure with what some consider is [sic] a less than inspiring record at the FCA Andrew Bailey will need to demonstrate early that he appreciates the need to address the deep structural problems of our economy & like Mark Carney understands the climate change threat.”

Carney has agreed a short extension to his term and will now depart on 15 March 2020.

He has been Governor since 2013, while he has been named the United Nations special envoy on climate action and finance.

He said: “Andrew is widely and deeply respected for his leadership managing the financial crisis, developing the new regulatory frameworks, and supporting financial innovation to better serve UK households and businesses.

“Over the years, I benefited greatly from his support and wise counsel. I wish Andrew and the Bank continued success in their work to serve the people of the United Kingdom by maintaining monetary and financial stability.”