Markets

Mark Carney to stay on at Bank of England until 2020

Mark Carney to stay on at Bank of England until 2020

"I can tell the House today that the governor has agreed, despite various personal pressures to conclude his term in June, that he will continue until the end of January 2020 in order to help support continuity in our economy during this period".

The extension was agreed in an exchange of letters between the governor and the chancellor published this morning.

In the months after Britain voted to leave the European Union, however, he committed to an additional year as governor, citing "the importance to the country of continuity during the UK's Article 50 negotiations".

In his acceptance letter, the Mr Carney wrote: "I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit".

Bank of England Governor Mark Carney has extended his stay in the job until January 2020.

The governor and Prime Minister have clashed in the past with May commenting in 2016 on how there would be "bad side effects" for Carney's monetary policy and Carney taking a negative view on the future of Brexit. Following Britain's Brexit vote, he agreed to remain in place an additional year to the end of June.

Last month he warned that the risk of a "no deal" divorce with the European Union was "uncomfortably high" and "highly undesirable".




'They used to throw brick bats at Mark Carney about Project Fear but now it's Project Near'.

'Any extension to Dr Carney's term should not be used to delay succession planning'.

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".

He told MPs: 'It's likely that the real income squeeze will return for households across the country'.

The front-runner to succeed Mr Carney is widely seen to be Andrew Bailey, the chief executive of Britain's Financial Conduct Authority and a former deputy governor at the BoE.

The announcement of Carney's appointment in 2012 came as a surprise, as Mr Carney had previously denied interest in the role.


  • Evacuations in U.S.  ahead of Hurricane Florence

    Evacuations in U.S. ahead of Hurricane Florence

    Inland winds could lead to spotty power outages, but more extended outages lasting possibly for weeks are expected at the coast. Boarding up his home in Myrtle Beach, South Carolina , Chris Pennington watched the forecasts and tried to decide when to leave.
    JPMorgan CEO says

    JPMorgan CEO says "I could beat Trump", then backtracks

    Chief Executive James Dimon sounded off on President Donald Trump at a bank event on Wednesday, saying he could prevail over Mr. And I grew up in a poorer part of Queens than he did, but I am a banker. "I am part of the elite", Dimon continued.
    I never wanted to leave Spurs, says Toby Alderweireld

    I never wanted to leave Spurs, says Toby Alderweireld

    Belgian website HLN reported a fortnight ago that Tottenham were planning to re-open contract talks with the defender. Alderweireld has been embroiled in a contract standoff with Tottenham for much of 2018.
  • Apple can avoid tariffs by shifting production to US

    Apple can avoid tariffs by shifting production to US

    Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China September 7, 2018. They also said consumer goods targeted under tariffs do not come under the scope of "Made in China 2025" program.
    'Barca can bid for De Jong, but Ajax won't sell!'

    'Barca can bid for De Jong, but Ajax won't sell!'

    At Barcelona they want De Jong to add to the midfield, he has similar qualities to Busquets but is better at arriving in the box. According to the sources, Barcelona have made a bid around £25-30 million for De Jong.
    'Dancing With the Stars' Season 27 Cast: John Schneider, Nancy McKeon

    'Dancing With the Stars' Season 27 Cast: John Schneider, Nancy McKeon

    As the promo reveals, the list of new contestants includes a stand-up comic, a pro football star, a radio host, and teen star. Evanna Lynch and Tinashe have been confirmed as contestants for the upcoming series of Dancing With The Stars .
  • The biggest announcements from Apple's iPhone Xs event

    Usually the new iPhone reaches Doha on the same day through grey market but will be priced exorbitantly higher than actual price. The base level iPhone is now the iPhone 7 with a 4.7-inch display , A10 Fusion chip, water proofing and stereo speaker setup.
    Apple Watch Series 4 announced with larger displays

    Apple Watch Series 4 announced with larger displays

    But with Apple boosting the average iPhone selling price by almost 20 percent, it still meant a bumper year for the tech firm. It is also running on the new 7nm A12 Bionic Chip and it retains the same 12MP f/1.8 main camera that's assisted with OIS.
    Six dead in California shooting spree

    Six dead in California shooting spree

    It was there that he and another male at the business entered into an altercation at around 5:20pm, according to ABC 7 News . The area of the shooting spree was in unincorporated Bakersfield, which is patrolled by the sheriff's department.
  • Aung San Suu Kyi defends imprisonment of Reuters journalists

    Aung San Suu Kyi defends imprisonment of Reuters journalists

    Between the Rohingya crisis and the jailing of Reuters journalists, Myanmar's State Counselor is in an extraordinary bind.
    Ericsson has bagged $3.5 billion 5G network contract from this company

    Ericsson has bagged $3.5 billion 5G network contract from this company

    On September 10, 2018 AT&T announced that Ericsson is one of its technology suppliers for the operator's nationwide 5G network . On Tuesday, the nation's third largest wireless provider matched that investment through a similar agreement with Ericsson .
    Ryder Cup 2018: Tony Finau named as final United States wildcard

    Ryder Cup 2018: Tony Finau named as final United States wildcard

    Finau has 11 top-10 finishes this season, three in majors (a tie for 10th in the Masters , fifth in the U.S. United States captain Jim Furyk has chosen Tony Finau as his final wildcard pick for the Ryder Cup .