Bank of England

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The 121st Bank of England governor will be Andrew Bailey. The chancellor said he was “the stand out candidate” during the recruitment.

In a previous role at the Bank, he played a key role in the state bailout of Royal Bank of Scotland and Lloyds.

The next governor is due to start in early February, after incumbent Mark Carney steps down on January 31.

The Bank of England has, unexpectedly and for the first time, put together an economic forecast based on a proposed Brexit deal.

The bank also held interest rates at 0.75% after the first split decision in more than a year.

The UK sits on the cusp of a recession, with economic growth here and abroad slowing, and uncertainty surrounding Brexit.

The Monetary Policy Committee voted unanimously to hold interest rates at 0.75%.

In the face of intensifying uncertainty surrounding Brexit, the Bank of England has decided to sit on its hands.

Alan Turing will be printed on the £50 note from 2021, the Bank of England has said.

The Bank concludes that the “perceived likelihood of a no-deal Brexit has increased since the start of the year”.