FCA chief stresses importance of BoE independence

Financial Conduct Authority (FCA) chief executive and frontrunner of the Bank of England (BoE) leadership race Andrew Bailey has warned politicians not to interfere with the central bank’s independence.

According to Bailey, the BoE’s independence is a “core underpinning” of economic stability, the Sunday Times reported.

Current FCA head Bailey is among the favourites to succeed Bank of England governor Mark Carney when he steps down next year, despite a series of City scandals during his time as head of the watchdog.

Both Carney and the central bank have received criticism from pro-Brexit politicians as a result of their pessimistic Brexit forecasts.

However, Bailey stressed the importance of the BoE retaining its independence, stating: “Central bank independence is a very important underpinning that has to be there all the time.

“You have to be ready to defend it and advocate it in different contexts.”

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