Chancellor Philip Hammond: Bank of England boss Mark Carney will remain in place until 2020 to ensure Brexit ‘continuity’
Bank of England governor Mark Carney will stay in post until the end of January 2020 to "support continuity" during the Brexit process, chancellor Philip Hammond confirmed today.
There has been widespread speculation about whether the Canadian economist would extend his time in post, having been due to step down from the role in June 2019, just three months after the UK will formally leaves the EU and part-way through the anticipated transition period.
Last week, Carney told MPs he would be willing to do whatever he could "to promote a smooth Brexit and an effective transition at the Bank". However, he added that it was not down to him to make that announcement.
This afternoon, Hammond told the House of Commons: "I have been discussing with governor his ability to serve a little longer in post to ensure continuity through what could be quite a turbulent period for our economy in the early summer of 2019.
"I can tell the house today that the governor has agreed despite various personal pressures to conclude term in June that he will continue until the end of January 2020 in order to help support continuity in our economy in this period."
Sir Jon Cunliffe, deputy governor with responsibility for financial stability has also been re-appointed for a second five-year term, effective from 1 November.