POST TIME: 12 September, 2018 00:00 00 AM
Bank of England chief Carney extends post-Brexit stay

Bank of England chief Carney extends post-Brexit stay

Mark Carney will remain Bank of England chief until January 2020 to steer the UK economy through possibly “quite a turbulent period” post-Brexit, finance minister Philip Hammond announced yesterday, reports AFP from London.

Speaking in parliament, Hammond said BoE governor Carney had agreed to prolong his stay by seven months “in order to ensure continuity through what could be quite a turbulent period for our economy in the early summer of 2019”.

Britain is set to leave the European Union in March.

Chancellor of the Exchequer Hammond added in a statement that he was “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”.

In a letter to Hammond, Carney said he recognised “that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit”.

Carney added: “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.”