BOE Chief Carney To Stay To 2020 As UK Faces Brexit Crunch

Mae Love
September 14, 2018

There had been weeks of speculation as to whether Carney, the former governor of Canada's central bank, who took the Bank of England job in 2013, would agree to an extension of his term given the potential uncertainty over Brexit.

Mr Hammond wrote to Mr Carney: "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".

Bank of England's Mark Carney will extend his tenure as governor by seven months to ease the BOE's transition as Brexit nears.

Mr Hammond said an extension...

Mark Carney is to remain in his role as governor of the Bank of England until 2020, it has been announced.

During a meeting with the Treasury Select Committee (TSC) on Tuesday, Carney confirmed he has been in discussions with Chancellor Philip Hammond about extending his term, however, he noted the decision rested with the government. He'll now remain in office until the end of January 2020, roughly halfway through a period meant to smooth the U.K.'s withdrawal from the European Union.

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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 worldwide standing".

'I deeply appreciate your support and that of the Prime Minister. "Whoever would take over, had they taken over in June next year, or now its going to be January 2020, would be looking at a very gradual policy normalization, subject to the negotiations in terms of our relationship with the European Union". "I certainly can't make announcements on behalf of the government but I'll do whatever I can to support this process".

In October 2016, Carney said he would step down in June 2019, two years short of the eight years governors usually serve.

His extended stay is down to a desire to ensure continuity at the Bank of England as the United Kingdom navigates Brexit. He extended it by a further year in the aftermath of the Brexit vote.

"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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