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Financial News: BoE's Carney Willing To Extend Term To Aid

BoE's Carney Willing To Extend Term To Aid Smooth Brexit Transition

09/04/2018 - 10:52:00 (RTTNews)

(RTTNews) - Mark Carney confirmed on Tuesday that he is willing to extend his term as the Bank of England governor to support a "smooth Brexit transition".

In recent weeks, speculation has been rife that the former Bank of Canada governor was willing to change his earlier stance of leaving the BoE in June 2019, which was two years short of the usual eight-year term.

The UK is set to exit the European Union in March 2019.

Media reports also said the government was also in favor of having Carney as the BoE Chief during the Brexit transition as it was likely to be hard to find a successor to handle what is likely to be a tumultuous period for the economy.

In 2013, Carney succeeded Mervyn King as the BoE Governor, becoming the first non-Briton to take the top job. Carney made clear his inclination in continuing in the top job at the Bank of England during a Treasury Committee hearing on Tuesday.

Confirming that he had talks with the Chancellor Philip Hammond regarding the matter, Carney said he was "willing to do whatever" to "promote both a smooth Brexit and an effective transition at the Bank of England."

The BoE Chief denied to reveal the details and outcome of his talks with the chancellor, but said he expected the government to make an announcement in due course.

Regarding the hunt for a successor, Carney said the process would be easier once the terms of the Brexit deal with the EU are clear.

Carney did not rule out a no-deal Brexit and said the economy would suffer a shock if that is the case.

Speaking at the same hearing, BoE Chief Economist Andrew Haldane said surveys showed that the chances of a no-deal Brexit was about 1 in 4.

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