Bank of England's Carney extends term at helm to Jan 2020

Bank of England Governor Mark Carney

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

He will now remain in post until January 2020.

It also means he'll be available for longer should talks with the European Union fail and force a so-called hard Brexit in March 2019. "The governor has agreed, despite various personal pressures to conclude his term in June". The pound dropped 0.2% against the dollar after the extension was announced.

The Chancellor had cited a desire to keep carney at the helm so as to help ensure a smooth Brexit from the European Union.

He had originally only meant to remain for five years after joining in 2013, but announced plans to stay an extra year four months after the Brexit Referendum in June 2016.

He also drew the ire of pro-Brexit lawmakers who believe he waded too far into the political debate, and has been accused of botching messages on policy for most of his time at the bank.

The re-appointment is officially made by the Queen, on the advice of Hammond and the prime minister, Theresa May. Some economists have raised doubts about the case for rate hikes amid mixed economic data. The extension was also welcomed by Nicky Morgan, the chair of the parliament committee which monitors the BoE and the finance ministry.

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Mark Carney is sticking around for Brexit.

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

"Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

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. However, it is understood they now have a good relationship.

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

In October 2016, Carney said he would step down in June 2019, two years short of the eight years governors usually serve.

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