Business

Carney may stay on as Bank of England chief

Bank of England Governor Mark Carney has confirmed he is in talks with the Treasury over extending his tenure

BANK of England Governor Mark Carney has confirmed he is in talks with the Treasury over extending his tenure as he pledged to do "whatever" he can to support the UK through Brexit.

In a hearing with the Treasury Select Committee, Mr Carney told MPs he has discussed staying on past his current departure date of June 2019 with the Chancellor and expects an announcement in due course.

He said: "I fully recognise that during this critical period it's important that everyone does everything they can to help with the transition to exiting the EU.

"Even though I have already agreed to extend my time to support a smooth Brexit, I am willing to do whatever else I can in order to promote both a smooth Brexit and effective transition at the Bank of England."

His comments come after mounting press speculation that he is in negotiations to stay on until 2020.

The Canadian announced in late 2016 that he would stay in his role until the end of June 2019, opting against a full eight-year term.

But that would mean he will be in the hot seat for just three months after the UK formally leaves the European Union in March, leaving a newcomer to navigate the aftermath of the divorce.

It is thought the increasing fears of a no-deal scenario have also increased the need for continuity at the top of the Bank.

Mr Carney added: "It's an important time and we have an important supporting role to make sure that, whatever Brexit the Government negotiates and Parliament decides, that it is as much of a success as possible and providing a measure of continuity during this period should help that."

An advert seeking a replacement for Mr Carney had been expected to be posted by the end of September.

Mr Carney became the Bank's Governor in 2013, succeeding Mervyn King and becoming the first non-Briton to hold the post.

He previously served as governor of the Bank of Canada from 2008 and was widely credited with helping the Canadian economy withstand the shock of the financial crisis.

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