Andrew Bailey is the new Bank of England Governor

Andrew Bailey

The United Kingdom has just appointed Andrew Bailey, the current head of the Financial Conduct Authority, has been selected as the new governor of the Bank of England.

Andrew Bailey will be taking over from incumbent Mark Carney. The appointment is to be announced as early as Friday.

The new governor will come into the role just as the U.K. economy enters another period of negotiation and uncertainty as it leaves the European Union.

Mark Carney is due to step down Jan. 31.