Tuesday 1 November 2016

Mark Carney Staying As A Governor Of The Bank Of England

Mark Carney

Markets are becoming sharply hopeful that Mark Carney is on the verge of confirming that he will extend his term at the Bank of England beyond 2018.

As speculation mounted this weekend that the Bank of England governor was preparing to announced that he would step down at the end of his five-year term, the Financial Times reported that Mr Carney was leaning towards staying.

According to the FT, the Governor has told friends that he is likely to make a statement on his future this week to put an end to damaging speculation. The Governor joined in 2013 and agreed to stay for five years rather than the eight the Government wanted.

It is thought that a combination of personal reasons and criticism from prominent Brexiteers had prompted Mr Carney to question his position. However, he would like to help steer the UK economy through two years of divorce negotiations with Brussels, once the Government invokes Article 50 in March 2017.

Quoting friends of Mr Carney, the FT reported that he is determined to defend the Bank of England’s independence in the face of a sustained attack by Brexiteers.

Philip Shaw at Investec said: “Uncertainties have risen since the Brexit vote... keeping Carney at the helm for a further three years is the sort of continuity that should be welcomed.”

Iain Duncan Smith, the former Work and Pensions Secretary, became the latest Tory to express doubts. “If you compare him to his predecessors his record of such is not as good. The jury is out. I have to say that he has not proved to be a great success.”



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