Bank of England's Carney to stay 7 months longer to help Brexit

Bank of England's Carney to stay 7 months longer to help Brexit

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

However, earlier this year Chancellor Philip Hammond said he might look overseas again for a successor to Carney.

In the months after Britain voted to leave the European Union, however, he committed to an additional year as governor, citing "the importance to the country of continuity during the UK's Article 50 negotiations".

The chancellor of the exchequer Phillip Hammond has requested that Carney remain for an extended period, which the Governor agreed to in a letter of acceptance.

The Bank of England has twice hiked interest rates under Carney's watch, most recently in August.

Sir Jon Cunliffe, the deputy governor with responsibility for financial stability, has also been re-appointed, it added.

More news: Turkey boosts lira as central bank surprises markets with big rate hike
More news: Rafael Nadal dragged in to Serena Williams ‘bulls***’ by fellow ace
More news: Georgia Gov. Deal declares state of emergency ahead of Hurricane Florence

Carney confirmed last week that he was in talks with the Treasury over extending his tenure, saying he pledged to do "whatever he can to support the United Kingdom through Brexit".

'I deeply appreciate your support and that of the Prime Minister. However, it is understood they now have a good relationship.

"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".

"It is an important time and we have an important supportive role to make sure whatever Brexit the government negotiates, it is a success, and providing a measure of continuity should help that". The former Bank of Canada chief was appointed to the role in late 2012 after previously saying he wasn't interested in the job, and initially agreed to serve just five years of what is usually an eight-year term.

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".

Related Articles

  • The New $1,449 iPhone Won't Include A Free Headphone Dongle

    The New $1,449 iPhone Won't Include A Free Headphone Dongle

    It is worth noting that Apple has reportedly discontinued select handsets including iPhone X , iPhone 6S and iPhone SE in the US. The A12 Bionic is faster and more efficient than before and packs Apple's own GPU as well as an improved neural engine.
    Hurricane Florence's winds start to rake North Carolina coast

    Hurricane Florence's winds start to rake North Carolina coast

    Boarding up his home in Myrtle Beach, South Carolina , Chris Pennington watched the forecasts and tried to decide when to leave. North Carolina alone could get from 20 to 30 inches, with isolated spots possibly receiving 40 inches.

    The biggest announcements from Apple's iPhone Xs event

    The iPhone XS Max (iPhone 11,6) does even better in Geekbench tests, and it's probably thanks to that extra gigabyte of RAM. Colorful identity: If you want your iPhone XS to be any color than gold, silver or black-grey, you'll have to buy a case.
  • Florence is now "only" a Category 2 hurricane. That won’t matter much

    Hurricane Helene is veering toward Europe and newly formed Subtropical Storm Joyce is not expected to threaten land. The ground is saturated with water and unlikely able to withstand the heavy, persistent rains that are expected.
    Stewart, Storm surge past Mystics for WNBA title

    Stewart, Storm surge past Mystics for WNBA title

    Hoisting the WNBA Finals trophy and being named Finals MVP capped off a brilliant season for the third-year pro. She had 10 assists and 10 points in Seattle's championship-clinching win against Washington on Wednesday.
    Russell Westbrook out for month after knee surgery

    Russell Westbrook out for month after knee surgery

    As such, he will be re-evaluated in "approximately four weeks" and may miss the preseason (or possibly longer) as a result. The Thunder open the season on the road against the defending champion Golden State Warriors on October 16.
  • Conservative lawmakers discuss ousting British PM May

    Conservative lawmakers discuss ousting British PM May

    They have also said there is no need to leave without a deal and have accused opponents of Brexit of scare-mongering. The rift deepened this week with Johnson comparing May's plan to a "suicide vest" on Britain's constitution.
    The Last Remnant Remastered Announced For PlayStation 4

    The Last Remnant Remastered Announced For PlayStation 4

    The remastered version of the Square Enix JRPG will be releasing on PS4 worldwide on December 6, 2018. No word yet about an global release.
    FDA Gets Tough on Juul, Other E-Cigarette Makers

    FDA Gets Tough on Juul, Other E-Cigarette Makers

    But it added that "appropriate flavors play an important role in helping adult smokers switch", spokeswoman Victoria Davis said. Studies show that teens who vape are also more likely to go on to smoke traditional burned cigarettes.
  • Breakthrough Listen uses machine learning to find fast radio bursts

    The algorithm known as the convolutional neural network was able to recognize those radio bursts that other systems tend to miss. It is called the Breakthrough Listen program, and it uses AI technology to search for fast radio bursts (FRBs).
    Myanmar's Suu Kyi defends jailing of two Reuters journalists

    Myanmar's Suu Kyi defends jailing of two Reuters journalists

    The violence in Rakhine has eased but Myanmar now has to deal with its aftermath, especially the repatriation of the Rohingyas. Suu Kyi, who took office in 2016, also did not attend last year's General Assembly meeting. "The case was held in open court".

    Apple iPhone Xs vs iPhone X: Here's what is different

    Apple on Wednesday announced that they had stopped selling the iPhone 6 series and Android users won't let iPhone lovers be. The price for the iPhone XS starts at $999 for the 64 GB model and goes up from there for 256 GB and 512 GB.