REPORT: Mark Carney has been asked to extend his term as Bank of England governor as Brexit looms

mark carney

  • Evening Standard reports that Mark Carney has been asked to stay as Bank of England governor for an additional year.
  • Carney is due to leave his role in June next year, but the Treasury is reportedly keen for him stay until 2020 to “provide continuity during the turbulence of Brexit,” according to the report.
  • Upon taking the job in 2013, he committed to a five-year term, three years less than is traditional for a Bank of England governor.

Mark Carney has reportedly been asked to extend his stay as Bank of England governor for a further year, a report from the Evening Standard on Tuesday said.

According to the newspaper’s The Londoner diary column, officials from the Treasury have canvassed Carney about possibly staying at the helm of the central bank until 2020, rather than leaving in June next year, as is currently planned.

The report cites a desire from the government for him to “provide continuity during the turbulence of Brexit” as the reason behind the push.

Carney took over from Mervyn King as Bank of England governor in 2013, initially committing to a five-year term despite the traditional protocol involving an eight-year term for governors.

In the months after Britain voted to leave the EU, however, he committed to an additional year as governor, citing “the importance to the country of continuity during the UK’s Article 50 negotiations.”

The Evening Standard also reports that the Treasury is “struggling to find a candidate strong enough to replace him.”

Aside from Carney, possible candidates for the governor job include Andrew Bailey, the head of the FCA, Britain’s financial regulator, and Ben Broadbent, one of Carney’s deputies.

When contacted by Business Insider, a Treasury spokesperson said: “We will begin recruitment for the next Governor of the Bank of England in due course.” The Bank of England declined to comment.

SEE ALSO: A 10% fall in the pound, a surging FTSE 100, and a drastic move from the Bank of England: here’s how markets will react to a no-deal Brexit

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Source: business insider

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