Bank Of England Governor Carney's Term Prolonged Until 2020 - UK Government

Faizan Hashmi Published September 11, 2018 | 06:05 PM

The term of Mark Carney, the governor of the Bank of England, has been extended until January 31, 2020, the UK government said in a statement on Tuesday.

MOSCOW (UrduPoint News / Sputnik - 11th September, 2018) The term of Mark Carney, the governor of the Bank of England, has been extended until January 31, 2020, the UK government said in a statement on Tuesday.

"Mark Carney, Governor of the Bank of England will remain in his role until 31 January 2020, the Chancellor announced today (11 September 2018)," the statement read.

The extension of Carney's term was agreed in an exchange of letters between him and Chancellor Philip Hammond.

In his letter to the chancellor, Carney noted the importance of doing everything possible to ensure the smooth UK withdrawal from the European Union and outlined his commitment "to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England."

Carney's term was set to finish in July 2019.

"I'm delighted that the Governor has agreed to stay in his role for a further seven months to support a smooth exit from the European Union and provide vital stability for our economy," Hammond said in the statement.

Moreover, Jon Cunliffe, the Bank of England's deputy governor with responsibility for financial stability, was re-appointed on Tuesday. His term will last until October 2023.

Since the United Kingdom launched the process of leaving the European Union in March 2017, various sectors of the UK economy, including banking and finance, have been facing instability over the possibility of hard Brexit, since both parties have been failing to agree on the issue of future economic relations. The Bank of England even requested UK financial firms to draft contingency plans for a no-deal Brexit.

In August, Carney said that the risk of leaving the European Union without a deal was "uncomfortably high" for the United Kingdom.

The United Kingdom is set to leave the bloc in late March 2019.