Bank Of England Governor Mark Carney's Term Extended

14 September, 2018, 01:01 | Author: Eric Barnett
  • Mark Carney had originally planned to return with his family to Canada this year

Mr Carney told MPs last week that he was willing to continue in the job past his planned departure date in June 2019, confirming press reports, but he gave no details.

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.

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.

The extension was agreed in an exchange of letters between the governor and the chancellor published on Wednesday.

Hammond told the Commons today: "I can now announce to the House that I have been discussing with the governor his ability to be able to serve a little longer in post in order to ensure continuity through what could be quite a turbulent period for our economy in the early summer of 2019".

In the months after Britain voted to leave the European Union, however, he committed to an additional year as governor, citing "the importance to the country of continuity during the UK's Article 50 negotiations".

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".

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.

"I deeply appreciate your support and that of the prime minister".

Nigel Farage wasn't happy with the announcement that the Governor of the Bank of England is staying on until 2020. He extended it by a further year in the aftermath of the Brexit vote.

Carney took over from Mervyn King as Bank of England governor in 2013, initially committing to a five-year term despite traditional protocol dictating an eight-year term as governor.


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