Published: Fri, September 14, 2018
Markets | By Noel Gibbs

Carney Extends Term As Bank of England Governor To Help Smooth Brexit

Carney Extends Term As Bank of England Governor To Help Smooth Brexit

After weeks of speculation, the governor of the Bank of England Mark Carney has said he will be officially staying on as governor for an extended term of 7 months until January 2020.

Though the extension is shorter than expected - most were predicting Carney would carry on for another year - the decision does help reduce one of the immediate uncertainties surrounding Brexit.

The extension was agreed in an exchange of letters between Carney and the Chancellor Philip Hammond published this morning.

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The news is likely to be positive for Sterling in the long-run as it eradicates potential policy uncertainty as the United Kingdom exits the European Union.

The Canadian economist had been due to step down in June 2019, but will now stay on until 31 January 2020.

"I am willing to do whatever I can in order to promote both a smooth Brexit and an effective transition at the BoE".

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".

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FILE PHOTO: The Governor of the Bank of England, Mark Carney, speaks to the Scottish Economics Forum, via a live feed, in central London, Britain March 2, 2018.

It would have left him in the hot seat for just three months after Britain formally leaves the European Union in March, leaving a newcomer to navigate the aftermath of the divorce.

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

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.

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