Thursday, 20 September, 2018

Mark Carney agrees to stay at Bank of England until January 2020

Mark Carney will see Britain through Brexit Mark Carney will see Britain through Brexit
Laurie Berry | 14 September, 2018, 17:03

After weeks of speculation, the governor of the Bank of England Mark Carney has said he will be officially staying on as governor for an extended term of 7 months until January 2020.

Carney was originally scheduled to step down in June 2019, but U.K. Treasury chief Philip Hammond, the chancellor of the Exchequer, said in a letter to Carney that the.

Hammond said the government was devoting all its efforts to securing a deal on a new relationship with the European Union before Britain leaves the bloc in March next year but admitted the clock was ticking. The pound dropped 0.2% against the dollar after the extension was announced. He was seen as a key source of stability in the political power vacuum that followed the Brexit vote, with one former policy maker calling him the "only adult in the room" for his pledge to support the financial system in the immediate aftermath.

Carney himself has said many times his plan was to return to Canada following his tenure at the BOE.

Stewart, Storm sweep Mystics for WNBA title
We have a relatively young team. "They are going to play that way offensively, they're going to play that way defensively. I have to be honest with you, on the plane I was reflecting on that. "We rely on that, and we didn't make them tonight".

The re-appointment is officially made by the Queen, on the advice of Hammond and the prime minister, Theresa May.

The Chancellor had cited a desire to keep carney at the helm so as to help ensure a smooth Brexit from the European Union.

"I can tell the House today that the governor has agreed, despite various personal pressures to conclude his term in June, that he will continue until the end of January 2020, in order to help support continuity in our economy during this period".

"A governor who was leaving at the end of June, with his bags already packed, would be in a poor position to represent the United Kingdom in what might be some quite critical - and time critical - negotiations over that period".

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