Bank of England’s Mark Carney extends term to early 2020

14 September, 2018, 00:57 | Author: Regina Silva
  • HM TreasuryMore

The Bank of England's Mark Carney has agreed to extend his period as governor until January 2020 in order to help oversee Britain's exit from the European Union.

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.

Chancellor Philip Hammond has also re-appointed deputy governor Sir Jon Cunliffe, ensuring he stays at the bank until 2023.

To view the full article, register now. He'll now remain in office until the end of January 2020, roughly halfway through a period meant to smooth the U.K.'s withdrawal from the European Union.

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

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He was seen as a key source of stability in the political power vacuum that followed the Brexit vote, with one former policy maker calling him the "only adult in the room" for his pledge to support the financial system in the immediate aftermath.

"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". However, it is understood they now have a good relationship. "I certainly can't make announcements on behalf of the government but I'll do whatever I can to support this process".

The decision also raises questions about the government's grasp of the Brexit process if Carney's presence is needed to ensure stability, or the United Kingdom treasury is struggling to find a replacement while it focuses on negotiations.

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.

"He will install a measure of certainty on monetary policy, which provides some air cover through what will surely be an unpredictable spell".

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