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Carney to remain at Bank of England until 2020

14 September 2018

Not long ago, Bank of England Governor Mark Carney was "I have been discussing with the governor his ability to serve a little longer in post in order to ensure continuity through what could be quite a turbulent period for our economy", Mr. Hammond told lawmakers in parliament, referring to the possible fallout from the U.K.'s exit from the European Union in March next year....

The extension was agreed in an exchange of letters between Carney and the Chancellor Philip Hammond published this morning.

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".

Britain is due to leave the European Union in March 2019 but there is uncertainty as to how it will leave.

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'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.

Mr Carney has already extended his five year stay in London by 12 months to June 2019.

British Treasury chief Philip Hammond, following discussions with Prime Minister Theresa May, appears to have approved of Carney's performance so far. He extended it by a further year in the aftermath of the Brexit vote.

Critics have accused him of contributing to "Project Fear".

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Following the hearing, Mrs Morgan said: 'Stability is vital during this important period.

Anthony Gillham, head of investments at Quilter Investment, commented: "If Carney's tenure is extended he will have his work cut out, but the case for an experienced captain to guide the United Kingdom through risky waters has grown stronger as Brexit negotiations have dragged on".

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

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

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Mr Hammond said an extension...

Carney to remain at Bank of England until 2020