Carney to remain in his role until January 2020

HM TreasuryMore

The Treasury has confirmed that Mark Carney will remain governor of the Bank of England until the end of January 2020, extending his period in office by seven months.

"I recognize that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit", Carney said in a letter to United Kingdom treasury chief Philip Hammond.

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Speaking to the TSC on Tuesday, Carney commented: "I fully recognise during this critical period, it is important everyone does everything they can to help with the transition of exiting the European Union".

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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Bank of England deputy governor with responsibility for financial stability Jon Cunliffe has also been re-appointed, effective from 1 November 2018 and his term will last until October 2023.

"If we leave the European Union without a deal. we could expect a period when there would be some turbulence and when there would be some issues arising for financial services businesses", Carney told lawmakers in Britain's upper house of parliament.

He initially said he'd serve just five years of what is usually an eight-year term, but following the Brexit referendum agreed to remain in place an additional year to the end of June 2019.

Having an inexperienced leader at Threadneedle Street at such a moment would nearly certainly be unhelpful.

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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