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Mark Carney WILL stay on longer as Bank of England Governor

Lottie Casas September 11, 2018

Mark Carney will stay on longer as Bank of England Governor

Mark Carney WILL stay on longer as Bank of England Governor after the Chancellor extends his term to January 2020 to help deal with Brexit

  • Carney was due to finish his contract as Bank of England Governor next summer
  • His term has now been extended by another seven months until January 2020  
  • Brexiteers have repeatedly accused Carney of making project fear forecasts

Mark Carney’s term as Bank of England Governor was extended to January 2020 today as the Chancellor confirmed plans to keep him in place.

The seven month extension is designed to help smooth Britain’s exit from the EU and is likely to ease worries in the markets.

Mr Carney is bitterly opposed by Brexiteers who believe the Governor has been a leading member of the ‘Project Fear campaign.

Chancellor Philip Hammond has also re-appointed deputy governor Sir Jon Cunliffe, ensuring he stays at the bank until 2023.

Mark Carney’s (pictured last week in the Commons) term as Bank of England Governor was extended to January 2020 today as the Chancellor confirmed plans to keep him in place 

Chancellor Philip Hammond (pictured last week in Downing Street) said the seven month extension is designed to help smooth Britain’s exit from the EU and is likely to ease worries in the markets 

Mr Hammond said: ‘I’m delighted that the Governor has agreed to stay in his role for a further seven months to support a smooth exit from the European Union and provide vital stability for our economy.’

In a letter to the Chancellor, Mr Carney said: ‘I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit.

‘Accordingly, 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 and I can confirm that I would be honoured to extend my term to January 2020.

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


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‘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.’ 

On Sir Jon’s reappointment, Mr Hammond said: ‘I’m delighted to announce the re-appointment of Sir Jon Cunliffe for a further term as Deputy Governor, and I’m confident his extensive experience will continue to be a valuable asset to the Bank of England.’  

Mr Carney has already extended his five year stay in London by 12 months to June 2019. He made the first decision in the aftermath of the Brexit vote. 

After Mr Carney signalled he was likely to stay last week, infuriated Brexiteers warned ‘Project Fear wouldn’t be the same without Carney’s regular Grim Reaper pronouncements’.

Moments after signalling he would stay during a Treasury committee last week, the Governor risked angering Brexiteers further with a new warning a no deal Brexit will squeeze household budgets.  

Brexiteer Nigel Evans told MailOnline: ‘Project Fear wouldn’t be the same without Carney’s regular Grim Reaper pronouncements.’

Brexiteer Nigel Evans told MailOnline: ‘Project Fear wouldn’t be the same without Carney’s regular Grim Reaper pronouncements.’ 

But Best for Britain spokesman Paul Butters said: ‘It sounds like sour grapes from swivel eyed Brexiteers that a man who speaks common sense is despised.

‘They used to throw brick bats at Mark Carney about Project Fear but now it’s Project Near.’ 

Following the hearing, Mrs Morgan said: ‘Stability is vital during this important period. The sooner the Government provides clarity, the better. 

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

In remarks that will remind Brexiteers why they find him so frustrating, Mr Carney warned that a no deal Brexit would send prices rising and hit real incomes.

He added that there were ‘limits’ to what monetary policy could do to help ease the price shock for Britons.

He told MPs: ‘It’s likely that the real income squeeze will return for households across the country.’

‘You can’t avoid that medium-term impact on real incomes,’ he added.

In remarks that will remind Brexiteers why they find him so frustrating, Mr Carney warned that a no deal Brexit would send prices rising and hit real incomes

The front-runner to succeed Mr Carney is widely seen to be Andrew Bailey, the chief executive of Britain’s Financial Conduct Authority and a former deputy governor at the BoE.

However, earlier this year Chancellor Philip Hammond said he might look abroad again for a successor to Carney.

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

The then-deputy governor, Paul Tucker, had been seen as the favourite for the role before then-Chancellor George Osborne stunned Westminster with the appointment. 

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