Bank of England’s Governor to Stay Until 2020 to Support Smooth Brexit

Bank of England Governor Mark Carney will serve for an extra seven months until the end of January 2020 to support Britain’s smooth exist from European Union, according to the statement from Chancellor Philip Hammond on Tuesday (11).

Following a request from the chancellor, the governor expressed his desire to serve until January 2020. Carney was scheduled to depart as Governor at the end of June 2019 having extended his tenure by a year already to support Britain during the initial period after Brexit.

“I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit. 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,” said Carney in a letter to the Chancellor.

Her Majesty's treasury has also announced that Jon Cunliffe has been reappointed as deputy governor for a second five-year term until 2023 to get his support to attain financial stability. Local media had earlier reported the treasury was eager for Carney to extend his term as it was facing difficulty to find a suitable successor.

Carney concentrated heavily on reducing financial market turmoil in the run-up to June 2016’s European Union referendum. He warned costs of an unplanned, disordered Brexit, attracting criticism from the Brexit supporters. Financial market experts, analysts have expressed their joy over the extension for Carney.