Carney to stay at Bank of England until 2020

Ivan Schwartz
September 14, 2018

Britain's finance ministry said on Tuesday that Bank of England Governor Mark Carney had agreed to extend his term until the end of January, 2020.

Hammond had earlier said that Carney would stay on as governor of the central bank until the end of January 2020 to help navigate the turbulence of Brexit, with Britain due to depart the bloc in March 2019.

The extension was agreed in an exchange of letters between the governor and the chancellor published on Wednesday. He extended it by a further year in the aftermath of the Brexit vote.

The United Kingdom will leave the European Union on March 29 but as yet no full exit deal has been agreed and many lawmakers in Prime Minister Theresa May's own party object to her own so-called Chequers proposals.

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

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Hammond says: "I'm delighted that the governor has agreed to stay in his role for a further seven months to support a smooth exit from the European Union and provide vital stability for our economy".

"It is an important time and we have an important supportive role to make sure whatever Brexit the government negotiates, it is a success, and providing a measure of continuity should help that".

Last November the BoE raised rates for the first time in more than a decade and increased them again last month, when Carney said that market expectations of a further rate rise a year for the next few years would be a reasonable rule of thumb.

Carney, the former Bank of Canada chief, was appointed BOE governor in late 2012 after previously saying he wasn't interested in the job.

He had originally only meant to remain for five years after joining in 2013, but announced plans to stay an extra year four months after the Brexit Referendum in June 2016.

Other reports by GizPress

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