Carney reportedly asked to extend term at Bank of England to steer through Brexit

REUTERS/Chris Watt

• Evening Standard reports that Mark Carney has been
  asked to stay as Bank of England governor for an additional
  year.
• Carney is due to leave his role in June next year, but
  the Treasury is reportedly keen for him stay until 2020 to
  “provide continuity during the turbulence of Brexit,” according
  to the report.
• Upon taking the job in 2013, he committed to a
  five-year term, three years less than is traditional for a Bank
  of England governor.

Mark Carney has reportedly been asked to extend his stay as Bank
of England governor for a further year,
a report from the Evening Standard on Tuesday said.

According to the newspaper’s The Londoner diary column, officials
from the Treasury have canvassed Carney about possibly staying at
the helm of the central bank until 2020, rather than leaving in
June next year, as is currently planned.

The report cites a desire from the government for him to
“provide continuity during the turbulence of Brexit” as the
reason behind the push. 

Carney took over from Mervyn King as Bank of England governor in
2013, initially committing to a five-year term despite the
traditional protocol involving an eight-year term for governors.

In the months after Britain voted to leave the EU, however,

he committed to an additional year as governor, citing “the
importance to the country of continuity during the UK’s Article
50 negotiations.”

The Evening Standard also reports that the Treasury is
“struggling to find a candidate strong enough to replace
him.”

Aside from Carney, possible candidates for the governor job
include Andrew Bailey, the head of the FCA, Britain’s financial
regulator, and Ben Broadbent, one of Carney’s deputies. 

When contacted by Business Insider, a Treasury spokesperson
said: “We will begin recruitment for the next Governor of the
Bank of England in due course.”

The Bank of England did not immediately respond to a
request for comment.

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