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Carney to remain BoE governor until 2020

Mark Carney has agreed to remain in his post as governor of the Bank of England until the end of January 2020.

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Carney had originally been expected to step down from the role at the end of June 2019 - two years short of the usual eight-year term, but an exchange of letters between the governor and chancellor of the Exchequer Philip Hammond confirmed the seven-month extension.

 

Hammond said the decision would "support a smooth exit" from the EU.

 

A Canadian national, Carney became the first non-Briton to be appointed governor in the Bank’s 300-year history.

 

In his letter, the chancellor said: “Further to our discussions and those that I have had with the prime minister, 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.”

 

In his reply, Carney said: “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.”

 

HM Treasury has also announced that Jon Cunliffe has been reappointed as deputy governor for financial stability for a second five-year term.

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