Mark Carney to stay on at Bank of England until January 2020

Roman Schwartz
September 14, 2018

Bank of England chief Mark Carney will serve an additional seven months as governor, staying until the end of January 2020 to help support the Brexit transition, the government and the central bank said Tuesday.

Hammond also confirmed that Carney, who said last week he was prepared to stay in his job beyond next June when his term was due to end, had agreed to remain until 2020.

Britain's Treasury Chief Philip Hammond approves of Governor Carney's performance and is hoping that the central bank will be able to support a smooth exit from the European Union for Britain.

Carney focused heavily on minimising financial market turmoil in the run-up to June 2016's European Union referendum and has warned since of the costs of a disorderly Brexit, drawing fire from Brexit supporters. He extended it by a further year in the aftermath of the Brexit vote.

Speaking in parliament, chancellor Hammond said that he wanted to extend Carney's stay in order, "to ensure continuity during what could be quite a turbulent period for our economy in the early summer of 2019".

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As the March Brexit deadline nears, the U.K.'s future relationship with the bloc remains unclear, with Prime Minister Theresa May's current plan is proving unpopular with lawmakers both at home and overseas.

He says: "Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the BoE".

"How on earth can we take this government seriously when they say "Brexit means Brexit" when they keep this man unnecessarily in his post?"

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

In a letter he added: "An extension of your term would ensure there is continuity at the bank during this exceptional period and would also allow for a new governor to be appointed during the autumn next year after the terms of the UK's withdrawal and the framework for the future partnership have been finalised".

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