These are turbulent times and the Governor of the Bank of England is going to extend his period in the role before stepping down.
He will now remain in post until January 2020.
Carney said in a letter to UK treasury chief Philip Hammond. “I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit,”
Carney is the first foreigner to run Britain’s central bank, and was appointed in 2013. The Canadian said at the time that he would serve until 2018. He had already agreed to extend his term to June 2019.
Phillip Hammond, a key Remainer, said Tuesday in parliament that keeping Carney at the central bank will “ensure continuity through what could be quite a turbulent period for our economy.”
Mr Hammond wrote to Mr Carney: “An extension of your term would ensure there is continuity at the Bank during this exceptional period and would also allow for a new Governor to be appointed during the Autumn next year after the terms of the UK’s withdrawal and the framework for the future partnership have been finalised.
“I would like to take this opportunity to thank you for the important contributions you have made to monetary and financial stability in the United Kingdom.”
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