Andrew Bailey is the right man to lead Britain through the corona crunch

Coronavirus is the ‘black swan’ event of our times, casting a long shadow over global economies. It poses many economic threats: to consumers’ direct spending, the liquidity of businesses and to confidence. And it’s likely to take years to recover from. A wartime mindset, and unprecedented fiscal action are essential tools for limiting the damage. But while the Bank of England is experienced in responding to such disruptive scenarios, its new governor, Andrew Bailey, is just days into the job and under enormous strain. Is he up to the task?

Bailey is no stranger to a credit crunch, having worked on the Northern Rock bailout and been RBS chief cashier when they ran out of money. Traditionally at Threadneedle Street, the Governor focuses on monetary policy but preventing systemic banking failure has recently become a more pressing priority. As a result, the demands on Bailey’s skillset will be greater than the typical requirements of his predecessors.