Economy

Mark Carney To Remain Bank Of England Governor Until January 2020

Mark Carney To Remain Bank Of England Governor Until January 2020”

Bank of England (BOE) governor Mark Carney will stay on in his role until January 2020, UK's chancellor of the exchequer Philip Hammond said.

The Chancellor had cited a desire to keep carney at the helm so as to help ensure a smooth Brexit from the European Union.

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Carney had been due to stand down in June 2019, after a six-year tenure at the top of the central bank.

Mark Carney is to remain in his role as governor of the Bank of England until 2020, it has been announced.

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.

Carney has already extended his term once at the Bank in a move to ensure continuity through the Brexit negotiations.

"I can tell the House today that the governor has agreed, despite various personal pressures to conclude his term in June, that he will continue until the end of January 2020, in order to help support continuity in our economy during this period".

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.

Hammond said Carney would provide "vital stability" for Britain's economy during the Brexit transition and the extension was also welcomed by Nicky Morgan, the chair of the parliament committee which monitors the BoE and the finance ministry.

Carney, who is Canadian and is reportedly interested in entering politics back home, won plaudits for helping to calm financial markets in the wake of Britain's vote in June 2016 to leave the EU.



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