Carney to remain in his role until January 2020

Carney to remain in his role until January 2020

Commenting on the extension of Carney's tenure as governor, the Chancellor Philip Hammond said:.

Canadian Mark Carney has agreed to remain as Governor of the Bank of England until January 2020 in order to shepherd the British economy through the initial stages of its exit from the European Union (E.U.).

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".

Sir Jon Cunliffe, Bank of England deputy governor with responsibility for financial stability, has also been re-appointed for a second five-year term that will last until October 2023.

The move means extending Carney's term by seven months, having previously planned to step down in June 2019.

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Speaking in parliament, chancellor Hammond said that he wanted to extend Carney's stay in order, "to ensure continuity during what could be quite a turbulent period for our economy in the early summer of 2019".

"I deeply appreciate your support and that of the prime minister".

Though the extension is shorter than expected - most were predicting Carney would carry on for another year - the decision does help reduce one of the immediate uncertainties surrounding Brexit.

Nigel Farage wasn't happy with the announcement that the Governor of the Bank of England is staying on until 2020. Following Britain's Brexit vote, he agreed to remain in place an additional year to the end of June.

Anthony Gillham, head of investments at Quilter Investment, commented: "If Carney's tenure is extended he will have his work cut out, but the case for an experienced captain to guide the United Kingdom through unsafe waters has grown stronger as Brexit negotiations have dragged on".

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