Carney to stay on at Bank of England

The governor of the Bank of England is set to extend his term, it has emerged.

Mark Carney put a weekend of speculation behind him in a letter to Chancellor Philip Hammond in which he confirmed he would extend his term to the end of June 2019.

Carney 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.”