Wednesday, 23 January, 2019

Mark Carney will lead Bank of England through Brexit

The Bank of England governor tells Sky News why raising interest rates was the best move for the UK economy Image The Bank of England governor will remain in post until 2020
Nellie Chapman | 14 September, 2018, 17:03

Bank of England (BOE) governor Mark Carney will stay on in his role until January 2020, UK's chancellor of the exchequer Philip Hammond said.

Carney had been due to step down at the end of June 2019 but he recently told legislators he would be willing to stay longer if requested.

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. He extended it by a further year in the aftermath of the Brexit vote.

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.

Before Carney joined the BoE in July 2013, he said he only wished to serve five years of the standard eight-year term for a BoE governor to minimise his children's time away from their native Canada.

It would have left him in the hot seat for just three months after Britain formally leaves the European Union in March, leaving a newcomer to navigate the aftermath of the divorce.

In his letter today, the chancellor explained that Mr Carney's extension was entirely Brexit related.

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

The extension isn't the first of Carney's tenure at Threadneedle Street.

The re-appointment of Carney ends speculation about who would lead the bank at a time of uncertainty related to the UK's departure from the EU.

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