Bank of England's Carney to stay seven months longer to help Brexit

Mark Carney had originally planned to return with his family to Canada this year

Governor of the Bank of England Mark Carney will remain in his role until 31 January 2020, the Chancellor of the Exchequer announced today (11 September).

Though the extension is shorter than expected - most were predicting Carney would carry on for another year - the decision does help reduce one of the immediate uncertainties surrounding Brexit.

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

Mr Hammond wrote to Mr Carney: "An extension of your term would ensure there is continuity at the Bank during this exceptional period and would also allow for a new Governor to be appointed during the Autumn next year after the terms of the UK's withdrawal and the framework for the future partnership have been finalised".

In the months after Britain voted to leave the European Union, however, he committed to an additional year as governor, citing "the importance to the country of continuity during the UK's Article 50 negotiations".

Bank of England's Mark Carney will extend his tenure as governor by seven months to ease the BOE's transition as Brexit nears.

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However, earlier this year Chancellor Philip Hammond said he might look overseas again for a successor to Carney.

Bank of England deputy governor with responsibility for financial stability Jon Cunliffe has also been re-appointed, effective from 1 November 2018 and his term will last until October 2023.

Carney confirmed last week that he was in talks with the Treasury over extending his tenure, saying he pledged to do "whatever he can to support the United Kingdom through Brexit".

"I deeply appreciate your support and that of the Prime Minister".

"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.

Nigel Farage wasn't happy with the announcement that the Governor of the Bank of England is staying on until 2020. Following Britain's Brexit vote, he agreed to remain in place an additional year to the end of June.

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