Carney Extends Term As Bank of England Governor To Help Smooth Brexit

HM TreasuryMore

HM TreasuryMore

The governor of the Bank of England, Mark Carney, has agreed to continue in his post until the end of January 2020, the chancellor, Philip Hammond, has said.

Hammond said Carney would provide "vital stability" for Britain's economy during the Brexit transition and the extension was also welcomed by Nicky Morgan, the chair of the parliament committee which monitors the BoE and the finance ministry.

Carney's credentials in providing stable leadership during the tumultuous market conditions that followed the shock Brexit vote confirm him as a steady hand at the tiller in times of stress.

Sir Jon Cunliffe, Deputy Governor of the Bank of England with responsibility for financial stability has also been re-appointed, effective from 1 November.

Speculation had mounted in recent weeks that Carney would be asked by the government to remain at the central bank.

Carney was previously set to leave his role in June 2019 but has been persuaded to stay on by Chancellor Philip Hammond.

A senior government figure said: "The PM thinks he has done a good job in hard circumstances; he is well respected and has a good global standing".

The extension was agreed in an exchange of letters between the governor and the chancellor published this morning.

"I recognize that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit", Mr.

His extended stay is down to a desire to ensure continuity at the Bank of England as the United Kingdom navigates Brexit.

The announcement from the government and the bank was expected after Carney told lawmakers last week that he was "willing" to extend his tenure beyond his scheduled June 2019 departure.

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