The duties of Mark Carney will come to an end in June 2019. Mark Carney has ended the speculations about his future by agreeing to stay on as governor of the Bank of England until Brexit negotiations with the EU have ended in 2019.
Despite being urged by the prime minister, Theresa May, and the chancellor, Philip Hammond, to serve a full eight-year term at Threadneedle Street, until 2021, Carney said he would only agree to remain in place for an extra year. He started the job in July 2013.
“Recognising the importance to the country of continuity during the UK’s article 50 negotiations, and notwithstanding those personal circumstances, I would be honoured to extend my time of service as governor for an additional year to the end of June 2019.
“By taking my term in office beyond the expected period of the article 50 process, this should help contribute to securing an orderly transition to the UK’s new relationship with Europe.”
-Said the governor.
Earlier in the day, Mr. Carney had an almost two-hour meeting with Mrs. May, after which a spokeswoman said the prime minister would be “supportive of him going on beyond his five years” and “absolutely” believed he was “the right man for the job”.
The governor said in a letter to Hammond that he had intended to leave the Bank for personal reasons after five years, but the altered landscape for the UK following the vote in June to leave the EU had caused him to change his mind.