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profishingrods.com November 16, 2018


Mark Carney to stay on at Bank of England until 2020

14 September 2018, 04:58 | Joann Bryant

Image The Bank of England governor will remain in post until 2020

The Bank of England governor tells Sky News why raising interest rates was the best move for the UK economy

Bank of England (BOE) governor Mark Carney will stay on in his role until January 2020, UK's chancellor of the exchequer Philip Hammond said.

Mark Carney is sticking around for Brexit.

In a letter to the governor, Philip Hammond said that the extension would "support a smooth exit of the United Kingdom from the European Union and an effective transition to the next governor", bringing the curtain down on a chaotic few weeks of guesswork and speculation.

Carney focused heavily on minimising financial market turmoil in the run-up to June 2016's European Union referendum and has warned since of the costs of a disorderly Brexit, drawing fire from Brexit supporters.

A senior government figure said: "The PM thinks he has done a good job in hard circumstances; he is well respected and has a good global standing".

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.




"I recognize that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit", Mr.

"Accordingly, 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". "I certainly can't make announcements on behalf of the government but I'll do whatever I can to support this process".

Hammond also confirmed that Carney, who said last week he was prepared to stay in his job beyond next June when his term was due to end, had agreed to remain until 2020. Following Britain's Brexit vote, he agreed to remain in place an additional year to the end of June.

The extension isn't the first of Carney's tenure at Threadneedle Street.

"As BoE governor, Carney has not always been universally popular, but appointing him as temporary caretaker through this period of transition does make sense".

"He will install a measure of certainty on monetary policy, which provides some air cover through what will surely be an unpredictable spell".



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