Bank of England Governor Mark Carney will remain in office for another seven months until the end of January 2020 to help smooth the Brexit next year, Finance Minister Philip Hammond told parliament today.
Carney was due to step down at the end of June 2019 after being extended already a year ago to cover the months following Brexit, but he told legislators last week he is ready to stay longer if requested.
Carney said in a letter to Hammond that he wanted to do everything in his power to promote successful Brexit on the one hand and an effective transition in the Bank of England on the other. Before Carney joined the Bank of England in July 2013 he wanted to stay only 5 years.
Hammond said Mark Carney would provide vital stability to Britain's economy during Brexit, adding that John Cunliffe, deputy governor, would serve a second five-year term until October 2023.
The Bank of England raised interest for the first time in more than a decade in November and raised it again at a meeting last month.
