Carney to remain in his role until January 2020

HM TreasuryMore

HM TreasuryMore

After weeks of speculation, the governor of the Bank of England Mark Carney has said he will be officially staying on as governor for an extended term of 7 months until January 2020.

A Treasury statement said the extension was agreed in an exchange of letters between the governor and Hammond.

Hammond has also revealed that deputy governor Sir John Cunliffe has been re-appointed to his role.

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.

Mr Carney said he was "willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

"I have been discussing with the governor his ability to be able to serve a little longer in the post in order to ensure continuity through what could be quite a turbulent period for our economy in the early summer of 2019", Hammond said.

"I would like to take this opportunity to thank you for the important contributions you have made to monetary and financial stability in the United Kingdom".

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

He had originally only meant to remain for five years after joining in 2013, but announced plans to stay an extra year four months after the Brexit Referendum in June 2016.

Following the hearing, Mrs Morgan said: 'Stability is vital during this important period.

'Any extension to Dr Carney's term should not be used to delay succession planning'.

Mark Carney is sticking around for Brexit.

Potential candidates to succeed Carney include Andrew Bailey, now head of the Financial Conduct Authority, or colleagues on the BOE's rate-setting committee such as Andy Haldane, Ben Broadbent or Dave Ramsden.

Carney, who was due to step down in June next year, will now stay on as governor until January 2020, the Treasury said.

The announcement of Carney's appointment in 2012 came as a surprise, as Mr Carney had previously denied interest in the role.

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