A NEW Bank of England Governor has been announced after Mark Carney stepped into the job in July 2013.

But who is Andrew Bailey and what was he doing before he landed his new job? Here's what we know.

Who is Andrew Bailey?

Andrew Bailey was born on March 30, 1959, in Leicester, England.

He attended Wyggeston Boys' Grammar School in Leicester before attending Queen's College, Cambridge, and graduating with a BA in History and a PhD in economic history.

He joined the Bank of England in 1985, working his way up the ranks in different roles such as chief cashier.

During the financial crisis, he was responsible for the Bank's special operations to solve the problems in the banking sector.

From 2013, Mr Bailey served as the Bank's first deputy governor for prudential regulation.

In 2016, he was appointed to the head of the City watchdog, the Financial Conduct Authority.

During his time at the FCA, the watchdog faced criticism over its handling of complaints into the Royal Bank of Scotland treatment of small businesses after the financial crisis.

Recently, the FCA faced criticism over its demise of the flagship fund of Neil Woodford, one of the UK's best known money managers.

How long will he serve as Governor for the Bank of England?

Mr Bailey will become the 121st Governor of the Bank of England on March 16.

He will serve a full eight-year term.

Mr Bailey was seen as a favourite to take over as the hunt to fill the position started.

Chancellor Sajid Javid said on December 20 that Mr Bailey was "the stand-out candidate in a competitive field."

He added: "He is the right person to lead the Bank as we forge a new future outside the EU and level-up opportunity across the country."

The governor is responsible for overseeing the Bank's three main responsibilities of inflation, the financial system and individual banks.

How much will he get paid a year?

Mr Bailey will earn £495,000 a year, according to the BBC.

Accepting his role, Mr Bailey said it was a "tremendous honour" to be chosen.

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He added: "The Bank has a very important job and, as governor, I will continue the work that Mark Carney has done to ensure that is has the public interest at the heart of everything it does."

Mr Bailey's predecessor, Mark Carney, described Mr Bailey as "an extraordinary public servant".

He said: "Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the Bank."

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