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Bank of England's Carney extends term at helm to Jan 2020

14 September 2018

The LBC presenter slammed Mark Carney's decision to continue in his post as Governor of the Bank of England until the end of January 2020.

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

He says: "Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the BoE".

Bank of England's Mark Carney will extend his tenure as governor by seven months to ease the BOE's transition as Brexit nears.

Carney became in July 2013 the first non-Briton to take the top job at the Bank of England for an initial five-year term.

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

"It is a privilege to serve as governor at the bank and I look forward to continuing to work with my exceptional colleagues at the bank as we promote the good of the people of the United Kingdom by maintaining monetary and financial stability".

He was seen as a key source of stability in the political power vacuum that followed the Brexit vote, with one former policy maker calling him the "only adult in the room" for his pledge to support the financial system in the immediate aftermath.

'Any extension to Dr Carney's term should not be used to delay succession planning'.

Potential candidates to succeed Carney include Andrew Bailey, now head of the Financial Conduct Authority, or colleagues on the BOE's rate-setting committee such as Andy Haldane, Ben Broadbent or Dave Ramsden.

"I think a governor who is leaving at the end of June with his bags already packed would be in a poor situation to represent the what might be some critical and time-critical negotiations over that period, trying to find practical solutions to situations that might arise", Hammond said.

The announcement of Carney's appointment in 2012 came as a surprise, as Mr Carney had previously denied interest in the role.

Bank of England's Carney extends term at helm to Jan 2020