The Bank of England has confirmed that Mark Carney will remain at the helm until January 2020.
The BoE governor will stay on an additional seven months to oversee the UK’s divorce from the European Union and to support the transition of the next head of the central bank.
It was largely expected that Carney would continue on in his role following comments he made last week that he was “willing” to extend his tenure beyond the original June 2019 end-date.
Carney wrote to chancellor Philip Hammond on Tuesday: “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. 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.”
Deputy governor of the BoE Sir John Cunliffe, who leads the bank’s work on financial stability, has also been re-appointed effective from 1 November 2018, it was confirmed. His term will last until October 2023.