Bank of England's Carney extends term at helm to Jan 2020

Mark Carney will see Britain through Brexit

A Treasury statement said the extension was agreed in an exchange of letters between the governor and Hammond.

The seven month extension is created to help smooth Britain's exit from the European Union and is likely to ease worries in the markets.

Carney, who was due to step down in June next year, will now stay on as governor until January 2020, the Treasury said.

Mark Carney is to remain in his role as governor of the Bank of England until 2020, it has been announced.

"I deeply appreciate your support and that of the Prime Minister".

More news: Basketball Hall of Fame: NBA stars react to induction ceremony

Bank of England deputy governor with responsibility for financial stability Jon Cunliffe has also been re-appointed, effective from 1 November 2018 and his term will last until October 2023.

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 unsafe waters has grown stronger as Brexit negotiations have dragged on". "Whoever would take over, had they taken over in June next year, or now its going to be January 2020, would be looking at a very gradual policy normalization, subject to the negotiations in terms of our relationship with the European Union".

"It is an important time and we have an important supportive role to make sure whatever Brexit the government negotiates, it is a success, and providing a measure of continuity should help that". He was seen as a key source of financial stability in the political power vacuum that followed the Brexit vote, but also drew the ire of pro-Brexit lawmakers who believe he waded too far into the political debate.

Nigel Farage wasn't happy with the announcement that the Governor of the Bank of England is staying on until 2020.

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

Related News:

  • Hurricane Florence strengthens to Category 4

    Hurricane Florence strengthens to Category 4

    The NHC experts warned that "life-threatening storm surge (is) possible along the coasts of North and South Carolina". Experts are saying Florence, a "monster", could be one of the most powerful storms to ever hit the East Coast.
    President George Weah makes surprise return against Nigeria

    President George Weah makes surprise return against Nigeria

    Liberia has never qualified for a World Cup but fell just a point short of reaching the 2002 finals with Weah and Debbah to the fore.
    California Legislature passes zero-carbon power plan for 2045

    California Legislature passes zero-carbon power plan for 2045

    Governor Brown also upped the ante by setting a new statewide target to achieve zero net emissions by 2045. It's working toward a goal to reduce greenhouse gas emissions by 40 percent over the next 12 years.
  • The Last Remnant Remastered Revealed For PS4

    The Last Remnant Remastered Revealed For PS4

    That's an interesting little twist, because The Last Remnant originally launched as an Xbox 360 exclusive back in 2008. The Last Remnant follows Rush Sykes, a teenage warrior whose sister, Irina, is kidnapped at the start of the game.

    Blackpool monkeypox case confirmed as second in UK

    Initial symptoms of the disease include muscle aches, headache, fever, backache, swollen lymph nodes, exhaustion, and chills. Besides medical staff, PHE said it was trying to contact passengers who were near the first patient on the flight to the UK.
    Hurricane Florence: Storm force winds for North Carolina within hours

    Hurricane Florence: Storm force winds for North Carolina within hours

    Its unclear exactly how many people fled, but more than 1.7 million people in the Carolinas and Virginia were warned to clear out. And it led to mixed signals from officials in SC , whose governor had canceled mandatory evacuation for several coastal counties.
  • US  incomes rose but inequality widened in 2017

    US incomes rose but inequality widened in 2017

    Real median earnings of all male workers increased 3.0 percent in 2017 while the earnings of female counterparts stayed stagnant. FILE PHOTO: A sign advertises open jobs at an Embassy Suites hotel in Waltham, Massachusetts, U.S., December 13, 2017.
    Government's mass surveillance of emails was illegal

    Government's mass surveillance of emails was illegal

    Europe's human rights court is about to publish what could be a landmark ruling on the legality of mass surveillance. This photo from November 2015 shows a general view of the 24-hour operations room at GCHQ in Cheltenham, England.
    IPhone Xs and Xs Max hands-on: The new normal

    IPhone Xs and Xs Max hands-on: The new normal

    On Twitter , Apple fans are simultaneously hailing the sleek new products and dragging the company for its name choice. Introducing the device, marketing head Phil Schiller said the firm wanted to "reach as many people as possible".
  • Seattle Storm sweep Washington Mystics to capture WNBA championship

    Seattle Storm sweep Washington Mystics to capture WNBA championship

    A young Seattle team that lost in the first round the past two years and won just 15 games last season, obliterated the Mystics. One game leads us to what we've been working for for four months, and just having that mindset".

    Trump denies pressure for trade deal as China welcomes US talks invite

    That shows "neither side is 'winning, '" because "both are equally prone to losing companies", the chamber said. Dow Jones reports that the United States is proposing a new round of trade talks with China in the near future.
    Erdogan appoints himself chairman of Turkey’s sovereign wealth fund

    Erdogan appoints himself chairman of Turkey’s sovereign wealth fund

    He earlier charged the bank with failing to control inflation and again aired his unorthodox view that low rates bring inflation down.


Most liked

Kofi Annan Gave Me Sensitive Advice - Nana Addo
Kufuor, Mr Kojo Mpiani, espoused Mr Annan as a humble and peaceful personality who would be missed by all. There was also a moving tribute by his wife, Swedish lawyer and artist, Nane Maria Annan.

Hurricane Florence Loses Steam, but Shifting Forecast Predicts Huge Rainfall
Forecasters are also warning of catastrophic inland flooding that could swamp homes, businesses, farm fields and industrial sites. Thankfully, a large high pressure center will keep us safe from Florence over the weekend here in New England.

Apple will no longer give free dongles with new iPhones
The last time it discontinued an iPhone model a year after announcing it was the iPhone 5, released in 2012 and canned in 2013. If there was any takeaway in Apple's big iPhone unveiling on Wednesday, it's that buying an Apple handset is really expensive.

Jon Hamm Wants to Play Batman in the DCEU
And if they wanted to tap me on the shoulder and ask me to do it: "why not?" "I have never been offered anything", he said. Although Hamm hasn't had any official conversations about playing Batman , he said, "I'd probably fit the suit .

'Barca can bid for De Jong, but Ajax won't sell!'
It does not surprise me. "A lot has been written about him lately, so I've been watching how he plays at Ajax ". Real Madrid join the race for Ajax midfielder Frenkie de Jong , according to a report .

Give Rashford time to shine, insists Southgate
Lukaku has been in fine form in recent weeks, and he has netted six goals in five games for both club and country. Opportunities opened up at Spurs partly because of the failings of other, far more expensively acquired strikers.

Pope Francis summons bishops for summit on clergy sex abuse
An investigation in the United States earlier this year found rampant sexual abuse of more than 1,000 children in Pennsylvania. A top aide to Pope Benedict and Pope Francis on Tuesday said the scandal amounted to the church's "own 9/11" catastrophe.

Russell Westbrook could miss pre-season after undergoing arthroscopic knee procedure
Oklahoma City Thunder star Russell Westbrook underwent arthroscopic procedure on his knee, general manager Sam Presti announced . His issues with this knee date back to the 2013 playoffs when Patrick Beverley crashed into it and tore the meniscus.

IPhone Xr Canadian Pricing Starts at $1029 CAD
The exclusion of these older models also omits the 3.5mm headphone jack for once and all from the iPhone lineup. With Apple killing it, the iPhone X becomes the shortest living iPhone that Apple has ever introduced.

Tweeple praise Akshay Kumar and Rajinikanth-starrer
The return of Rajinikanth as Dr Vaasegaran and Chitti as well as the evil Akshay Kumar has made us all excited. Akshay Kumar , who plays the antagonist, a scientist named Dr Richard is the man behind the destruction.

Ericsson inks US$3.5 billion 5G deal with T-Mobile US
Both European vendors have undoubtedly benefited from the United States clampdown on Chinese rivals Huawei Technologies Co. Wireless customers can expect speeds of between 300Mbps and 1Gbps with no data cap, said the company.

Vatican planning response to allegations Pope covered up sexual abuse
The spokeswoman said the sexual abuse crisis was a main topic at the meeting, which six of the members attended. Both predated McCarrick's rise to cardinal under Pope John Paul II.

Air Force intercepts Russian bombers, fighter escorts near Alaska
NORAD said the Russian bombers and fighter jets were intercepted "west of mainland Alaska" by the American fighter jets at 10 p.m. A previous interception of bombers occurring on September 1 involved bombers without any Russian fighter jet escorts, CNN noted.

Novelist Who Wrote 'How To Murder Your Husband' Arrested For Murder
The Huffington Post also states Nancy's quotes to a blog in 2012 regarding her inclination towards romantic suspense stories. She wrote she would not want to "worry about blood and brains splattered on the wall", or " remembering lies".

Former Obama aide backs Cynthia Nixon over Cuomo
Since then, she has tacked far to the left, endorsing ideas such as legalizing recreational marijuana and abolishing U.S. While a Nixon victory appears very unlikely, last-minute controversies surrounding the opening of the Gov.