Saturday, April 21, 2018
Business

Betting suspended on Andrew Bailey to be next Bank of England governor

Online bookmaker Betway today said it has suspended betting on the next Bank of England governor after a flurry of bets on Andrew Bailey.

The bookie said "huge support" in recent days for Financial Conduct Authority boss Bailey had prompted it to stop taking new bets.

The most powerful job in British economics will be up for grabs in June 2019, when current governor Mark Carney has confirmed he will step aside.

The Treasury, which decides the appointment, has so far not given any details of the process or timing of the appointment.

However, Bailey has emerged as an early favourite. He has previously held senior roles at the Bank, while he already sits on the financial policy committee, the body in charge of protecting the stability of the UK system.

Other contenders mooted by economists include current Bank of England deputy governors Ben Broadbent and Sir Dave Ramsden, with external figures such as Ofcom head Sharon White also suggested in some quarters.

Betway's Alan Alger stated: "There had been some speculation that Andrew Bailey was a leading candidate to replace Mark Carney as the new Governor of the Bank of England and in the last few days weve seen huge support for him taking the role.

“The current chief executive of the Financial Conduct Authority was available at 9/1, but as a result of the weight of support towards him, weve had no choice but to suspend the market."

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