Mark Carney agrees to stay at Bank of England until January 2020

Mark Carney will see Britain through Brexit

Mark Carney will see Britain through Brexit

Canadian Mark Carney has agreed to remain as Governor of the Bank of England until January 2020 in order to shepherd the British economy through the initial stages of its exit from the European Union (E.U.).

British media had previously reported the finance ministry was keen for Carney to extend his stay and was having difficulty finding a suitable successor.

The chancellor also asked deputy governor Jon Cunliffe to extend his tenure by another 4-years, which Cunliffe accepted, saying, "I look forward to continuing to work with Mark and all Bank colleagues to deliver our important mission over the coming years".

He'll now remain in office until the end of January 2020, roughly halfway through a period meant to smooth the U.K.'s withdrawal from the European Union.

He will now remain in post until January 2020.

In his letter today, the chancellor explained that Mr Carney's extension was entirely Brexit related.

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"I deeply appreciate your support and that of the Prime Minister".

Mr Carney had been due to step down from the role at the end of June 2019 - two years short of the eight-year term governors usually serve. "I certainly can't make announcements on behalf of the government but I'll do whatever I can to support this process".

Carney has already extended his term once at the Bank in a move to ensure continuity through the Brexit negotiations.

Last November the BoE raised rates for the first time in more than a decade and increased them again last month, when Carney said that market expectations of a further rate rise a year for the next few years would be a reasonable rule of thumb.

He had originally only meant to remain for five years after joining in 2013, but announced plans to stay an extra year four months after the Brexit Referendum in June 2016.

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