The city correspondent of Private Eye magazine anticipated that the Bank of England governorship would go to a woman for the first time. However, at the last minute Minouche Shafik has been passed over in favour of the early front-runner, Andrew Bailey. It is rumoured that Ms Shafik lost out because of her opposition to Brexit, which would make for an uneasy relationship with the Johnson government. Mr Bailey, as chief executive of the FCA, was on the other hand swift to blame EU rules for avoiding an intervention in the Woodford affair, according to the Eye.
It will be interesting to see who is selected to replace Mr Bailey at the FCA. It ought to be someone who has not spent their working life in the big banks.
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