Carney Bank of England term extended until 2020


Governor of the Bank of England Mark Carney will remain in post longer after Brexit to “support continuity” in the economy.

Chancellor Philip Hammond announced the news on Tuesday, saying Mr Carney had agreed to the extension “despite various personal pressures”.

The Canadian economist had been due to step down in June 2019, but will now stay on until 31 January 2020.

Mr Hammond said he was “delighted” that Mr Carney would serve seven more months “to support a smooth exit from the EU and provide vital stability for our economy”.

Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing street in London on July 18, 2018. (Photo by Tolga AKMEN / AFP) (Photo credit should read TOLGA AKMEN/AFP/Getty Images)
Image: Chancellor Philip Hammond said he was ‘delighted’ Mr Carney would stay on

In his acceptance letter, the Bank of England governor wrote: “I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful 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 and I can confirm that I would be honoured to extend my term to January 2020.

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

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“It is a privilege to serve as governor at the Bank and I look forward to continuing to work with my exceptional colleagues at the bank as we promote the good of the people of the UK by maintaining monetary and financial stability.”

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From – SkyNews


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