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Bank boss Carney says he's staying until 2019

By Ben Woods

Published 01/11/2016

Bank of England governor Mark Carney is extending his term by another year
Bank of England governor Mark Carney is extending his term by another year

Bank of England governor Mark Carney has pledged to extend his term in office by one year, defying pro-Brexit campaigners demanding his resignation.

Mr Carney said he would stay in post until the end of June 2019, but has opted against serving a full eight-year term.

Mr Carney said he had taken the decision because he recognised "the importance to the country of continuity during the UK's Article 50 negotiations".

In a letter to Chancellor Philip Hammond, the governor said: "I clearly signalled my intention to serve for five years. As testified to Parliament, that intention was driven by personal, family considerations.

"In addition, I believed that five years would allow a reasonable time frame to remodel the Bank to reflect its new, much broader responsibilities, and to complete the most important elements of the domestic financial reform agenda."

He added: "Since then, my personal circumstances have not changed, but other circumstances clearly have, most notably the UK's decision to leave the European Union."

Mr Carney's decision means he will cover the full two-year period of Britain's Brexit negotiations, if Mrs May stands by her pledge to trigger Article 50 by the end of March next year.

Belfast Telegraph

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