The British Andrew Bailey is the new governor of the Bank of England. He succeeds the Canadian Mark Carney, who by the way leaves his post on 15 March. The Ministry of Finance confirmed this on Friday.

Bailey’s name has been circulating for some time. He will be the 121st governor of the central bank. According to the British finance minister, Sajid Javid, Bailey is the outspoken candidate and the best person to lead the BoE in new phases around the brexit.

Bailey is currently the head of financial regulator FCA, but was previously one of the policy makers of the BoE. His candidacy has so far been overshadowed by a few financial scandals that have questioned his effectiveness as an FCA boss.