Mark Carney has extended his term as Bank of England governor to steer Britain through Brexit

  • Bank of England Governor Mark Carney has extended his stay in the job until January 2020.
  • Carney was previously set to leave his role in June 2019 but has been persuaded to stay on by Chancellor Philip Hammond.
  • His extended stay is down to a desire to ensure continuity at the Bank of England as the UK navigates Brexit.

LONDON – Bank of England Governor Mark Carney has extended his stay as the head of the UK’s central bank for an additional seven months, the Treasury announced on Tuesday.

Carney, who was due to step down in June next year, will now stay on as governor until January 2020, the Treasury said.

Speculation had been rife that Carney would extend his term, and last week the Canadian confirmed he would be willing to serve for an extended period.

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.

In the months after Britain voted to leave the EU, however, he committed to an additional year as governor, citing “the importance to the country of continuity during the UK’s Article 50 negotiations.” He was set to step down in June 2019.

“I’m delighted that the Governor has agreed to stay in his role for a further seven months to support a smooth exit from the European Union and provide vital stability for our economy,” Chancellor Philip Hammond said in a statement.

Carney said in a letter to Hammond: “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.”

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