Bank Of England Chief Carney Extends Post-Brexit Stay
Mark Carney will remain Bank of England chief until January 2020 to steer the UK economy through possibly "quite a turbulent period" post-Brexit, finance minister Philip Hammond announced Tuesday.
London, (UrduPoint / Pakistan Point News, app - 11th Sep, 2018 ) :Mark Carney will remain Bank of England chief until January 2020 to steer the UK economy through possibly "quite a turbulent period" post-Brexit, finance minister Philip Hammond announced Tuesday.
Speaking in parliament, Hammond said BoE governor Carney had agreed to prolong his stay by seven months "in order to ensure continuity through what could be quite a turbulent period for our economy in the early summer of 2019".
Chancellor of the Exchequer Hammond added in a statement that he was "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".
In a letter to Hammond, Carney said he recognised "that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit".
Carney added: "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." Carney last week confirmed he had held talks to extend his tenure, while Hammond on Tuesday said staying in his post for a few months longer would allow for "an effective transition to the next governor".
But speaking Monday, EU Brexit negotiator Michel Barnier said it was "realistic" to expect an agreement with London within the next eight weeks, striking an optimistic note as the clock ticks down to the UK's departure.
The pound rose on Barnier's comments and held onto most of its gains amid Carney's announcement.
Carney, who succeeded Mervyn King as BoE governor to become the first non-Briton to hold the post, last month oversaw only the second UK interest-rate hike since the global financial crisis a decade ago.
Ahead of his career as a central banker, Carney had previously worked for 13 years at US banking giant Goldman Sachs.