Despite Opposition, Carney Extends Leadership of Bank of England to 2020

Bank of England Governor Mark Carney

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

Chancellor Philip Hammond confirmed that Carney's term has been extended until 31 January 2020, a further seven months on his original deal.

Britain's finance ministry said on Tuesday that Bank of England Governor Mark Carney had agreed to extend his term until the end of January, 2020.

Ending days of mounting speculation, Hammond confirmed to lawmakers on Tuesday that the Canadian, who had been due to step down in June 2019, will extend his term to help steer the United Kingdom economy in the wake of Brexit.

"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.

Labour MP Virendra Sharma, a champion of the anti-Brexit campaign group Better for Britain, said Carney's willingness to stay through the turbulence "shows the problems that the government are having on Brexit".

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


Sir Jon Cunliffe, the deputy governor with responsibility for financial stability, has also been re-appointed, it added. However, it is understood they now have a good relationship.

Carney, the former Bank of Canada chief, was appointed BOE governor in late 2012 after previously saying he wasn't interested in the job.

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.

Carney's credentials in providing stable leadership during the tumultuous market conditions that followed the shock Brexit vote confirm him as a steady hand at the tiller in times of stress.

Carney has already extended his term once at the Bank in a move to ensure continuity through the Brexit negotiations.

Carney took over from Mervyn King as Bank of England governor in 2013, initially committing to a five-year term despite traditional protocol dictating an eight-year term as governor.

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