Andrew Bailey, who heads the UK's financial regulator, has been named to replace Mark Carney as governor of the Bank of England.

Chancellor of the Exchequer Sajid Javid announced that the 60-year-old will start an eight-year term on March 16.

Before taking over at the at the Financial Conduct Authority in 2016, Bailey had worked for 30 years at the UK central bank.

His predecessor Carney, who earned enemies in government for warning about the economic impact of Brexit, will become a special envoy for climate action and finance at the United Nations.