Saturday, 22 September, 2018

Mark Carney to stay on at Bank of England until January 2020

Mark Carney will see Britain through Brexit Mark Carney will see Britain through Brexit
Orlando Vargas | 14 September, 2018, 17:00

The Bank of England said Tuesday that Carney would stay as governor until January 2020.

Carney was originally scheduled to step down in June 2019, but U.K. Treasury chief Philip Hammond, the chancellor of the Exchequer, said in a letter to Carney that the.

Carney focused heavily on minimising financial market turmoil in the run-up to June 2016's European Union referendum and has warned since of the costs of a disorderly Brexit, drawing fire from Brexit supporters. The pound dropped 0.2% against the dollar after the extension was announced. He extended it by a further year in the aftermath of the Brexit vote.

The re-appointment is officially made by the Queen, on the advice of Hammond and the prime minister, Theresa May.

Spurs duo Lloris, Alli to miss Liverpool, Inter clashes
The 31-year-old missed Spurs' Premier League game at Watford on 2 September and both of France's matches during the global break. Tottenham are coming off an impressive 3-0 win against Manchester United at Old Trafford.


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Though Carney's six-month extension is shorter than expected - most were predicting he would carry on for another full year - the decision reduces one uncertainty surrounding Brexit. Even so, the BOE raised interest rates to the highest since 2009 last month, and said a gradual series of hikes would be needed in coming years to control inflation.

"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.

The first foreigner to lead Britain's central bank, Carney was appointed in 2013.

"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". He had already agreed to extend his term to June 2019.

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