Treasury in talks to retain Mark Carney beyond 2019 – reports
The Governor will be urged to come clean about his future on Tuesday.
Mark Carney’s tenure at the Bank of England could be extended after reports again surfaced suggesting the Treasury is in talks over the Governor staying on until 2020.
The Canadian is currently due to leave in June 2019, ending six years as head of the UK’s central bank, and an advert seeking a replacement was expected to be posted by the end of September.
However, the BBC reported that the department is in talks with Mr Carney over him staying at the helm until 2020.
The Governor will be urged to come clean about his future when he appears in front of the powerful Treasury Select Committee on Tuesday.
Next week, we'll hear from @bankofengland Governor Mark Carney on the Inflation Report, alongside Members of the Monetary Policy Committee - Andy Haldane, Silvana Tenreyro and Michael Saunders. Watch it live on Tuesday 4 September at 1.15pm: https://t.co/j3PCm8HFiA pic.twitter.com/16vJnOGhlE— Treasury Committee (@CommonsTreasury) August 30, 2018
Mr Carney announced in late 2016 that he would stay in his role until the end of June 2019, opting against a full eight-year term.
But that would mean he will be in the hot seat for just three months after Britain formally leaves the European Union in March, leaving a newcomer to navigate the aftermath of the divorce.
The Treasury declined to comment on the Canadian’s future, but Prime Minister Theresa May’s official spokesman said: “The Governor has said that he intends to step down in June 2019 and the Treasury have said they will start recruiting for a new governor in due course.
“That is still the plan.”
The Bank of England did not respond to request for comment.
Rumoured contenders for Governor have included Financial Conduct Authority chief executive Andrew Bailey, as well as Minouche Shafik – a London School of Economics director and former Bank of England deputy governor.
Former Reserve Bank of India governor Raghuram Rajan and Ofcom chief executive Sharon White have also been listed as possible candidates.
But it is unclear when the recruitment process will formally begin, given the confusion over Mr Carney’s future.
Mr Carney became the Bank’s governor in 2013, succeeding Mervyn King and becoming the first non-Briton to hold the post.
He previously served as governor of the Bank of Canada from 2008 and was widely credited with helping the Canadian economy withstand the shock of the financial crisis.
It followed a stint in the Canadian government, having been senior associate deputy minister of finance, all of which came after a 13-year career with Goldman Sachs.