Published: Fri, September 14, 2018
Economy | By

Bank Of England Governor Mark Carney's Term Extended

Bank Of England Governor Mark Carney's Term Extended

Bank of England (BOE) governor Mark Carney will stay on in his role until January 2020, UK's chancellor of the exchequer Philip Hammond said.

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

In addition, the Treasury announced that Jon Cunliffe was reappointed for a second five-year term as deputy governor responsible for issues relating to financial stability.

The United Kingdom is due to leave the European Union on March 29, 2019.

Speaking to the TSC on Tuesday, Carney commented: "I fully recognise during this critical period, it is important everyone does everything they can to help with the transition of exiting the European Union".

Nigel was responding to the news that the Governor of the Bank of England, Mark Carney, will remain in his post longer than expected to "support continuity" in the economy.

The governor and Prime Minister have clashed in the past with May commenting in 2016 on how there would be "bad side effects" for Carney's monetary policy and Carney taking a negative view on the future of Brexit.

Following the hearing, Mrs Morgan said: 'Stability is vital during this important period.

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

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.

He told MPs: 'It's likely that the real income squeeze will return for households across the country'.

Potential candidates to succeed Carney include Andrew Bailey, now head of the Financial Conduct Authority, or colleagues on the BOE's rate-setting committee such as Andy Haldane, Ben Broadbent or Dave Ramsden.

The announcement of Carney's appointment in 2012 came as a surprise, as Mr Carney had previously denied interest in the role.

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