Mark Carney will stay on as the Bank of England Governor until the end of January 2020 to help smooth Britain’s departure from the EU next year, Chancellor Philip Hammond told the parliament today.
Hammond also said that Carney would provide “vital stability” for Britain’s economy during the Brexit transition. The extension was also welcomed by Nicky Morgan, the chair of the parliament committee which monitors the BoE and the finance ministry.
“I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England and I can confirm that I would be honoured to extend my term to January 2020,” Carney said in a letter to Hammond.
Carney had been due to step down at the end of June 2019 but he recently told legislators he would be willing to stay longer if requested.