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Mark Carney Announces He Will Remain At The Bank of England Until June 2019

Monday, October 31, 2016 11:50
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(Before It's News)

Seeking to end speculation about whether or not the governor of the BOE would announces an early departure this week, moments ago the BOE issued a statement from Mark Carney, in which the head of the central bank made it clear that he would extend his term until the end of June 2019, putting any speculation about his early resignation to rest.

From the Bank of England

Governor Mark Carney makes announcement on his term
31 October 2016

In a letter to the Chancellor, published this evening (Monday 31 October), the Governor said he would extend his term to the end of June 2019.

The Governor said:

“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.

It is an honour and a privilege to serve in this important role. I deeply appreciate your support, that of the Prime Minister, and that of colleagues at the Bank, and I look forward to continuing to promote the good of the people of the United Kingdom during this crucial time for the country.”

In his reply, the Chancellor said:

“I am very pleased to hear that you intend to continue as Governor of the Bank of England until the end of June 2019. This will enable you to continue your highly effective leadership of the Bank through a critical period for the British economy as we negotiate our exit from the European Union.”

The BOE also provided link to Carney’s letter to the Chancellor, and the letter back from the Chancellor to the Governor. The former is below:

While cable moved modestly higher in kneejerk reaction to the news, it is now largely unchanged.

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