LONDON — Bank of England Governor Mark Carney will remain in post until January 2020, the U.K. chancellor said Tuesday.
Carney was set to leave his role in June 2019 but Philip Hammond said the Canadian had agreed to stay on the extra months “despite various personal pressures” to ensure continuity through what could be “quite a turbulent period” for the U.K. economy.
In a letter to Carney, Hammond wrote: “I am writing to ask whether you would be able to extend your term as Governor of the Bank of England to January 2020 to support a smooth exit of the United Kingdom from the European Union and an effective transition to the next Governor.”
Carney replied: “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.”
The announcement was made during regular questions to Treasury ministers in the U.K. House of Commons.