Mark Carney extends stay as Bank of England governor

The
Governor of the Bank of England, Mark Carney, speaks to the
Scottish Economics Forum, via a live feed, in central London,
Britain March 2, 2018.
Reuters/Peter
Nicholls

• Bank of England Governor Mark Carney extends stay in job
  until January 2020.
• Carney was previously set to leave his role in June 2019, but
  has been persuaded to stay on by Chancellor Philip Hammond.
• His extended stay is down to a desire to ensure continuity at
  the Bank of England as the UK navigates Brexit.

LONDON — Bank of England Governor Mark Carney has extended his
stay as the head of the UK’s central bank for an additional seven
months,
the Treasury announced on Tuesday.

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

Speculation had been rife that Carney would extend his term, and
last week the Canadian governor confirmed he would be willing to
serve for an extended period.

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.” He was set to step down in June 2019.

“I’m delighted that the Governor has agreed to stay in his
role for a further seven months to support a smooth exit from the
European Union and provide vital stability for our economy,”
Chancellor Philip Hammond said in a statement.

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