Published: Fri, September 14, 2018
Money | By Ralph Mccoy

Carney Extends Term As Bank of England Governor To Help Smooth Brexit

Carney Extends Term As Bank of England Governor To Help Smooth Brexit

Mark Carney is set to continue as the governor of the Bank of England until the end of January 2020 to support a smooth Brexit and transition, UK Chancellor Philip Hammond confirmed Tuesday.

Ending days of mounting speculation, Hammond confirmed to lawmakers on Tuesday that the Canadian, who had been due to step down in June 2019, will extend his term to help steer the United Kingdom economy in the wake of Brexit.

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.

British media had previously reported the finance ministry was keen for Carney to extend his stay and was having difficulty finding a suitable successor.

Before Carney joined the BoE in July 2013, he said he only wished to serve five years of the standard eight-year term for a BoE governor to minimise his children's time away from their native Canada. Even so, the BOE raised interest rates to the highest since 2009 last month, and said a gradual series of hikes would be needed in coming years to control inflation.

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Having an inexperienced leader at Threadneedle Street at such a moment would nearly certainly be unhelpful.

"I fully recognise that during this critical period, it's important that everyone does everything they can to help with the transition of exiting the EU", Carney said.

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.

Sir Jon Cunliffe, Deputy Governor of the Bank of England with responsibility for financial stability has also been re-appointed, effective from 1 November.

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