Wednesday, 26 September, 2018

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

Carney is the first non Briton to hold the post of BoE governor Despite Opposition Carney Extends Leadership of Bank of England to 2020 AFP 11 Sep 2018
Russell Knight | 14 September, 2018, 01:03

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

Mark Carney agreed to remain at the helm of the Bank of England for an additional seven months, extending his stay for a second time to help steer the United Kingdom economy through the Brexit transition.

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.

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.

"Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

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

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The chancellor also asked deputy governor Jon Cunliffe to extend his tenure by another 4-years, which Cunliffe accepted, saying, "I look forward to continuing to work with Mark and all Bank colleagues to deliver our important mission over the coming years". However, it is understood they now have a good relationship.

Mr Carney has already extended his five year stay in London by 12 months to June 2019.

"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".

Still, the latest extension raises questions about the government's grasp on the Brexit process if Carney's presence is needed to ensure stability. Following Britain's Brexit vote, he agreed to remain in place an additional year to the end of June.

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

Phillip Hammond, a key Remainer, said Tuesday in parliament that keeping Carney at the central bank will "ensure continuity through what could be quite a turbulent period for our economy".

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