Carney to remain in his role until January 2020

Mark Carney had originally planned to return with his family to Canada this year

Mark Carney had originally planned to return with his family to Canada this year

Governor of the Bank of England Mark Carney will remain in his role until 31 January 2020, the Chancellor of the Exchequer announced today (11 September).

"If we leave the European Union without a deal. we could expect a period when there would be some turbulence and when there would be some issues arising for financial services businesses", Carney told lawmakers in Britain's upper house of parliament.

Carney's credentials in providing stable leadership during the tumultuous market conditions that followed the shock Brexit vote confirm him as a steady hand at the tiller in times of stress.

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".

During a meeting with the Treasury Select Committee (TSC) on Tuesday, Carney confirmed he has been in discussions with Chancellor Philip Hammond about extending his term, however, he noted the decision rested with the government.

Mr Hammond said the seven-month extension would "support a smooth exit" from the European Union.

He will now remain in post until January 2020. However, it is understood they now have a good relationship. "I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

Ending days of mounting speculation, Hammond confirmed to lawmakers on Tuesday that the Canadian, who had been due to step down in June 2019, will extend his term to help steer the United Kingdom economy in the wake of Brexit. "I certainly can't make announcements on behalf of the government but I'll do whatever I can to support this process".

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