Published: Fri, September 14, 2018
Money | By Armando Alvarado

Carney to remain as Bank of England governor until 2020

Carney to remain as Bank of England governor until 2020

Mark Carney agreed to remain at the helm of the Bank of England for an additional seven months, extending his stay for a second time to help steer the United Kingdom economy through the Brexit transition.

"I think a governor who is leaving at the end of June with his bags already packed would be in a poor situation to represent the what might be some critical and time-critical negotiations over that period, trying to find practical solutions to situations that might arise", Hammond said.

Mr Hammond said an extension...

FILE PHOTO: The Governor of the Bank of England, Mark Carney, speaks to the Scottish Economics Forum, via a live feed, in central London, Britain March 2, 2018.

As the March Brexit deadline nears, the U.K.'s future relationship with the bloc remains unclear, with Prime Minister Theresa May's current plan is proving unpopular with lawmakers both at home and overseas.

Labour MP Virendra Sharma, a champion of the anti-Brexit campaign group Better for Britain, said Carney's willingness to stay through the turbulence "shows the problems that the government are having on Brexit".

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The Canadian economist had been due to step down in June 2019, but will now stay on until 31 January 2020. The pound dropped 0.2% against the dollar after the extension was announced.

Last month he warned that the risk of a "no deal" divorce with the European Union was "uncomfortably high" and "highly undesirable".

He says: "Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the BoE".

The governor and Prime Minister have clashed in the past with May commenting in 2016 on how there would be "bad side effects" for Carney's monetary policy and Carney taking a negative view on the future of Brexit.

Carney, the former Bank of Canada chief, was appointed BOE governor in late 2012 after previously saying he wasn't interested in the job.

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