The Reader: New Bank Governor has the experience we need

Andrew Bailey: Next Governor of the Bank of England
REUTERS
23 December 2019
WEST END FINAL

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I would like to congratulate Andrew Bailey on his appointment as the next Governor of the Bank of England , and thank the outgoing Mark Carney for his work over the past six-and-a-half years.

Mark has done a fantastic job to raise the global profile of the Bank’s work, often leading the way on challenges and opportunities of the future such as climate change and fintech.

Andrew is well-placed to continue that progress, and in doing so, to ensure that the Bank continues to play a leading and respected role on the international stage.

As chief executive of the Financial Conduct Authority and a former deputy governor at the Bank, he brings a wealth of experience to the role at a crucial time, as the UK prepares to leave the EU.

We look forward to working closely with him as the country — and its world-leading financial sector — begins this new chapter.
Catherine McGuinness, Policy chair, City of London Corporation

Editor's reply

Dear Catherine
I agree that Mark Carney has done a fantastic job, and that Andrew Bailey is a great replacement. We may be entering a quieter decade for central banking, where the repair work on the financial system is complete and inflation expectations are low. After the last decade, let’s hope so.

But the challenge of protecting customers could be even greater in the coming years because of the huge disruption coming to financial services, from digital banks to cryptocurrencies. These changes should bring lower costs and better services to people; but it also increases the risk of mis-selling and poor information.

So the question of who replaces Andrew Bailey at the Financial Conduct Authority, which oversees all this, is key.

It won’t get as much attention as the change at the Bank of England, but it could matter just as much to all of us.

Happy Christmas!
George Osborne, Evening Standard Editor

Share of the vote is the vital statistic​

Sadly, your associate editor Julian Glover (replying to Chris Key’s letter “Our current electoral system is not working ”, December 19) must be right. There is little hope of a change to proportional representation for the foreseeable future.

Meanwhile, it would be some consolation if winners under the present system based their claims to a mandate not on the number of their MPs but on the reality of their popular support.

Boris Johnson and Nicola Sturgeon find it all too convenient to forget that their parties gained only 43.6 per cent and 45 per cent respectively of the UK and Scottish vote. The latter’s claim to a mandate for a new independence referendum would be less compelling if based on that 45 per cent.
Martin Peach

Let’s fudge it: Get Fixit Done

Boris Johnson has instructed his officials to drop the use of the word “Brexit”.

As an alternative term, we would normally use the tried-and-tested term “Fudge”, but that would be too non-specific. Since this is a clear acknowledgement that the concept is completely broken, why not use the relevant and apposite term: “Fixit”?
James McGrory

End nightmare of homelessness

Shelter's latest report paints a shocking picture of the homelessness crisis in England, but it is a sadly familiar one to councils on the frontline of this terrible situation. When I was out with Lambeth’s rough-sleeping team this week, I saw people sheltering in collapsing tents, shivering in the rain and in horrible distress. Almost all had been the victim of some form of physical, mental or sexual abuse.

Councils like Lambeth do all they can to help those in need: we have launched a new Homelessness and Rough Sleeping Strategy that commits £4 million to rough sleeping services, including 500 beds and rooms. The new government needs to make addressing this housing crisis, in partnership with councils, a key priority in 2020. We need support from government to build more homes, a revolution in standards, rights and rent levels in the private sector, and substantial funding for homeless services. Without this, 2020 will see even more forced into the nightmare of homelessness.
Cllr Paul Gadsby, Lambeth cabinet member for housing

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