Bank of England boss Mark Carney will stay in his job an extra six months to ‘help achieve smooth Brexit’

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BANK of England boss Mark Carney will stay in his job for another 18 months to help Britain achieve a “smooth Brexit”, the Treasury announced today.

The Canadian-born economist was due to quit the Bank next summer – but has agreed to stay on until 2020.

Mark Carney will continue running the Bank of England until 2020
AP:Associated Press

Mr Carney, 53, has been criticised for talking down the prospects of the economy after Brexit.

But Philip Hammond asked him to stay longer than planned in a bid to ensure continuity at the head of the central bank.

In a letter written this morning, the Chancellor said to Mr Carney: “We would like you to extend your term as governor of the Bank of England to end January 2020 to support a smooth exit of the United Kingdom from the European Union and an effective transition to the next governor.”

The bank boss replied: “I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit.

Philip Hammond has extended the bank chief’s term
EPA

“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.”

Last week, Mr Carney told MPs he would stay on if asked to do so.

The search for the next governor was due to start shortly so his replacement could be in office by next summer.


Mr Carney is said to be keen on starting a political career in Canada when he finishes his term at the BoE.

He was hired by George Osborne as a “superstar banker” and has been praised for providing stability in recent years.

But Brexit-backing MPs have accused him of being overly gloomy about the UK’s prospects outside the EU.


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