Bank of England governor will extend stay until June 2019

Posted by Simon Hadley in Banking on 1 November 2016 - Simon is a Credit Analyst at checkmyfile.

Mark Carney will extend his tenure as the Bank of England Governor until June 2019, in order to guide the country through the Brexit negotiations.

Having originally planned to serve a five-year term until 2018, the announcement also confirms that Mr Carney will still be short of the eight-year period that governors typically serve.

In a letter to the Chancellor, Philip Hammond, Mr Carney says that he is “honoured” to continue serving Britain, while also maintaining that he wants to “contribute to securing an orderly transition to the UK’s new relationship with Europe.”

“Recognising the importance to the country of continuity during the UK’s Article 50 negotiations, and notwithstanding those personal circumstances, I would be honoured to extend my time of service as governor for an additional year to the end of June 2019,” says Mr Carney.

The decision to stay on as governor has been met with widespread positivity by investors. The Sterling rose to $1.225 on the New York stock exchange - a near two-week high - after the news was made public.

Labour’s Shadow Chief Secretary, Rebecca Long-Bailey MP, along with Virgin Money CEO, Jayne-Anne Gadhia, have also backed Mr Carney’s decision to extend his stay.

“When I think back to 24 June [2016] when an awful lot of people wondered who was leading the country, I was pretty relieved when Mark Carney stepped up and was sensible. We need stability going forward,” says Ms Gadhia.

Ian Stewart of Deloitte has also commented on the decision, believing that “markets will find it reassuring that there is [a continued] continuity.”

Philip Hammond, meanwhile, has thanked the governor for providing monetary and financial stability to the country by praising Mr Carney’s “highly effective leadership”.

Prime Minister Theresa May has yet to comment, but a spokeswomen for Number 10 says that Mrs May “absolutely” believes that Mr Carney is the “right man for the job”.

“The PM has always had a good working relationship with the governor of the Bank of England and intends to continue that,” said the spokeswomen.

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