Mark Carney will step down as the Bank of England's governor at the end of June 2019, and speculation is already rife in British financial circles about who will succeed him. In 1997, Gordon Brown gave the Bank of England the ability to set interest rates independently, where previously the Governor had taken direction from the Chancellor. Bloomberg reported today that Carney would serve as an "informal advisor" to the prime minister. In order to provide for a smooth transition, the current Governor, Mark Carney, has agreed to now complete his term on 15 March 2020. The Bank of England was founded as a private bank in 1694, mainly to fund a war against France. Andrew Bailey will become the new Governor of the Bank of England from 16 March 2020, the Chancellor has announced. The current head of the … Today, 20 December 2019, the Chancellor has announced that Andrew Bailey will become the new Governor of the Bank of England from 16 March 2020. The Governor of the Bank of England chairs the Bank’s three major policy committees – the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Committee (see Appendix 1: Policy Committees). This is an incomplete list of Bank of England directors from the bank's foundation in 1694: . The Bank of England has apologised for the involvement of past governors and directors in the slave trade and vowed to remove all statues and paintings of them from its City headquarters. shareholders not already directors of the bank at the time. John Houblon (1694-99, 1700-12) (First Governor 1694–1697) Her Majesty the Queen has approved the appointment. He would be given the mandate to drive Canada out of the economic turmoil of this pandemic. The appointment of the governor of the Bank of England has thrown up a fair few surprises over the years. It had 17 clerks and two doormen. The former governor of the Bank of England, Mark Carney, is reportedly set to advise Prime Minister Justin Trudeau on economic matters. The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. 1833, Bank Charter Act 1833, along with liberalising the bank’s ability to set interest rates this act made the Bank of England’s notes officially legal tender. Today it employs more than 4,000 people. As such, the Governor plays a central role in setting monetary, macro-prudential and micro-prudential policy. As Jeremy Warner looks at whether the Bank of England can be trusted with such power, we look at the governors … A century of Bank of England Governors: in pictures. The Court of Directors of the Bank of England originally consisted of 24 shareholders, of which 8 were replaced every year by new members, i.e.