BoE chief Carney to stay until 2019
BANK of England governor Mark Carney put an end to speculation over his future by announcing he would extend his contract for one year to 2019 to help secure an “orderly transition” to Brexit.
The Canadian will not take up his option to leave in 2018, but at the same time has declined to serve the full eight-year term that would have seen him stay on at the British central bank until 2021.
“I would be honoured to extend my time of service as governor for an additional year to the end of June 2019,” he wrote in a letter to finance minister Philip Hammond.
“By taking my term in office beyond the expected period of the Article 50 process, this should help contribute to securing an orderly transition to the UK’s new relationship with Europe.”
Prime Minister Theresa May is expected to trigger Article 50 of the EU’s Lisbon Treaty by the end of March, starting a two-year exit process that would see Britain leave the European Union by early 2019.
Mr Carney has been strongly criticised by members of Ms May’s Conservative party over his warnings about the impact of Brexit before the June referendum, while there was speculation about tensions with the government over policy.
Andrew Tyrie, chair of the House of Commons Treasury committee, welcomed the “much needed clarification”, saying, “The less uncertainty the better.”
However, Mr Tyrie said it went against the agreed timetable of eight years, adding: “The decision requires a good deal of examination and explanation.”
After the announcement, a spokesperson said, “The prime minister welcomes the governor’s decision to stay on beyond his initial five-year term. This is good news for the UK.” –
Mark Carney plans to oversee an orderly transition.