Bank of England’s Mark Carney extends term to early 2020

14 September, 2018, 17:01 | Author: Billie Castillo
  • The Bank of England governor tells Sky News why raising interest rates was the best move for the UK economy

The chancellor of the exchequer Phillip Hammond has requested that Carney remain for an extended period, which the Governor agreed to in a letter of acceptance.

Canadian Mark Carney has agreed to remain as Governor of the Bank of England until January 2020 in order to shepherd the British economy through the initial stages of its exit from the European Union (E.U.).

Last month it was reported Carney had been asked by the Treasury to stay on another year in a move to settle the City's Brexit concerns.

Deputy Governor Jon Cunliffe would serve a second five-year term until October 2023, Hammond added.

"I deeply appreciate your support and that of the Prime Minister".

Still, the latest extension raises questions about the government's grasp on the Brexit process if Carney's presence is needed to ensure stability.

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Mr Carney said he was "willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

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

Carney had been due to stand down in June 2019, after a six-year tenure at the top of the central bank.

Having an inexperienced leader at Threadneedle Street at such a moment would nearly certainly be unhelpful.

"If we leave the European Union without a deal. we could expect a period when there would be some turbulence and when there would be some issues arising for financial services businesses", Carney told lawmakers in Britain's upper house of parliament.

"As BoE governor, Carney has not always been universally popular, but appointing him as temporary caretaker through this period of transition does make sense".

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