Governor of the Bank of England facts for kids

Quick facts for kids Governor of the Bank of England
Seal of the Bank of England
Incumbent Andrew Bailey since 16 March 2020
Monetary Policy Committee Governor and Company of the Bank of England
Residence	London, United Kingdom
Appointer	Chancellor of the Exchequer with the approval of the Prime Minister and the Monarch
Term length	8 years Renewable once
Inaugural holder	Sir John Houblon
Formation	1694
Salary	£495 000
Website	Governor of the Bank of England

The Governor of the Bank of England is the most important person at the Bank of England. Think of it like being the head teacher of a very important school that looks after all the money in the country! This job is a bit like a civil service role, which means it's a public job for the government. Often, the person chosen for this role has already worked at the Bank for a long time.

The Governor also leads the Monetary Policy Committee. This group makes big decisions about how much money is in the country and how much it costs to borrow. This makes the Governor one of the most powerful public officials in the United Kingdom.

The Bank of England was created way back in 1694. Its first rules said it would be run by a Governor, a Deputy Governor, and 24 directors. Today, the Bank's main board, called the Court of Directors, has up to 14 members. Five of these members are important leaders from inside the Bank.

The person holding this important job right now is Andrew Bailey. He became the 121st Governor in March 2020.

What Does the Governor Do?

The Governor of the Bank of England has a huge role in keeping the UK's economy stable. They help decide things like interest rates. Interest rates affect how much you pay if you borrow money, or how much you earn if you save money.

Guiding the Economy

The Governor leads the team that sets the UK's money rules. This means they help control inflation, which is how fast prices go up. If prices go up too fast, your money buys less. The Governor tries to keep prices steady so your money keeps its value.

Working with the Government

The Governor is chosen by the Chancellor of the Exchequer, who is the UK's finance minister. The Prime Minister and even the Monarch must agree to the choice. This shows how important the job is to the whole country. The Governor serves for eight years and can be chosen again once.

A Look at Past Governors

The Bank of England has had many Governors since it started. The very first Governor was Sir John Houblon, who started in 1694. Over the centuries, each Governor has played a part in shaping the UK's money system.

• The first Governor was Sir John Houblon, from 1694 to 1697.
• The 111th Governor, Montagu Norman, held the job for a very long time, from 1920 to 1944.
• The 120th Governor was Mark Carney, from 2013 to 2020.
• The current Governor is Andrew Bailey, who started in 2020.

See also

• Chief Cashier of the Bank of England
• Deputy Governor of the Bank of England