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.

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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".

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