Carney WILL stay at Bank until 2020

MARK Carney is to extend his tenure as Governor of the Bank of England until 2020.

The Canadian, 53, had previously said he would leave next June. Chancellor Philip Hammond said Mr Carney’s decision to stay would provide stability as Britain leaves the European Union.

However, the Governor – who took home £880,042 last year – has been repeatedly criticised by Brexiteers who say he has been too negative about leaving the EU.

Mr Carney, who took charge of the Bank in 2013, was expected to serve a five-year term before returning to Canada so his four daughters could be educated there. He then said he was willing to stay until June 2019 to avoid a sudden change of direction during Brexit talks. He has now pledged to serve until January 2020 – ten months after the UK leaves the EU on March 29 next year.

In a letter to Mr Hammond, the Governor wrote: ‘During this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit. I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition.’

Former Ukip leader Nigel Farage described the decision to extend Mr Carney’s term as ‘truly appalling’, adding: ‘He is a Remainer – how can we take this government seriously?’