Bank of England’s Mark Carney extends term to early 2020

Daniel Fowler
September 14, 2018

"I can tell the House today that the governor has agreed, despite various personal pressures to conclude his term in June, that he will continue until the end of January 2020 in order to help support continuity in our economy during this period".

"I have been discussing with the governor his ability to be able to serve a little longer in post in order to ensure continuity through what could be quite a turbulent period for our economy in the early summer of 2019", Hammond said.

Sir Jon Cunliffe, Bank of England deputy governor with responsibility for financial stability, has also been re-appointed for a second five-year term that will last until October 2023.

He'll now remain in office until the end of January 2020, roughly halfway through a period meant to smooth the U.K.'s withdrawal from the European Union.

Carney was previously set to leave his role in June 2019 but has been persuaded to stay on by Chancellor Philip Hammond.

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A Treasury statement said the extension was agreed in an exchange of letters between the governor and Hammond. With the March Brexit deadline looming, the UK's future relationship with the European Union remains unclear, while Prime Minister Theresa May's current plan is proving unpopular with lawmakers both at home and overseas.

"It is an important time and we have an important supportive role to make sure whatever Brexit the government negotiates, it is a success, and providing a measure of continuity should help that".

Having an inexperienced leader at Threadneedle Street at such a moment would nearly certainly be unhelpful.

The first foreigner to lead Britain's central bank, Carney was appointed in 2013.

He had originally only meant to remain for five years after joining in 2013, but announced plans to stay an extra year four months after the Brexit Referendum in June 2016.

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