Carney extends Bank of England term to lead economy through Brexit

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Mark Carney's term as Bank of England Governor was extended to January 2020 today as the Chancellor confirmed plans to keep him in place.

Governor of the Bank of England Mark Carney will remain in post longer after Brexit to "support continuity" in the economy.

A Treasury statement said the extension was agreed in an exchange of letters between the governor and Hammond.

Britain's Treasury Chief Philip Hammond approves of Governor Carney's performance and is hoping that the central bank will be able to support a smooth exit from the European Union for Britain.

However, earlier this year Chancellor Philip Hammond said he might look overseas again for a successor to Carney.

Sir Jon Cunliffe, the deputy governor with responsibility for financial stability, has also been re-appointed, it added.

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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.

During a meeting with the Treasury Select Committee (TSC) on Tuesday, Carney confirmed he has been in discussions with Chancellor Philip Hammond about extending his term, however, he noted the decision rested with the government.

Mr Carney said he was "willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

"I deeply appreciate your support and that of the prime minister".

His extended stay is down to a desire to ensure continuity at the Bank of England as the United Kingdom navigates Brexit. He was seen as a key source of financial stability in the political power vacuum that followed the Brexit vote, but also drew the ire of pro-Brexit lawmakers who believe he waded too far into the political debate. The former Bank of Canada chief was appointed to the role in late 2012 after previously saying he wasn't interested in the job, and initially agreed to serve just five years of what is usually an eight-year term.

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