Carney hints he’ll stay on to help Britain through Brexit

Bank of England Governor Mark Carney all but confirmed Tuesday that he is to stay at the helm of the central bank for longer than planned to help ensure Britain leaves the European Union as smoothly as possible.

Following days of speculation about an extension beyond his planned June 2019 departure, the former Bank of Canada chief told a committee of lawmakers that during “this critical period” everyone should do what they can to help the Brexit process.

Carney took the top job at the Bank of England in July 2013 on a five-year basis. He extended it by a year in the aftermath of Britain’s vote in June 2016 to leave the EU.

“Even though I have already agreed to extend my time to support a smooth Brexit, I am willing to do whatever else I can in order to promote both a smooth Brexit and an effective transition at the Bank of England,” he said Tuesday.

With Brexit due March 29, 2019, Carney confirmed he has been in talks with Britain’s Treasury chief, Philip Hammond, about extending his tenure again.

Carney, who is reportedly also interested in returning to Canadian politics, has said the government will announce details “in due course.” Media reports have suggested his tenure may be extended by about a year.

Many backers of Brexit have accused Carney of taking sides during the Brexit referendum campaign, of being a leading proponent of so-called “Project Fear” when warning of the economic consequences of a vote to leave the EU. But many in the financial markets have been calling on Carney to stay longer to help reduce uncertainty.

Though Carney said last month that the risks of a no-deal Brexit were “uncomfortably high,” he said Tuesday that some sort of agreement is still more likely.