Andrew Bailey warns Boris Johnson: hands off the Bank of England

Andrew Bailey called the Bank’s independence a ‘core underpinning’ of economic stability
Andrew Bailey called the Bank’s independence a ‘core underpinning’ of economic stability
JASON ALDEN

The favourite to be the next governor of the Bank of England has fired a shot across Boris Johnson’s bows, warning politicians not to interfere in its running.

Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), said the Bank’s independence must be maintained, calling it a “core underpinning” of economic stability.

The prime minister and his lieutenants have repeatedly criticised the Bank and its warnings over the impact of a no-deal Brexit, with Johnson calling on outgoing governor Mark Carney to be “a little more positive” about Britain’s options on leaving the EU.

Johnson and his chancellor Sajid Javid are due to choose Carney’s successor within months — with Bailey the bookies’ favourite to be the 121st governor. Johnson’s favourite economist, the pro-Brexit