Canadian Mark Carney has agreed to remain as Governor of the Bank of England until January 2020 in order to shepherd the British economy through the initial stages of its exit from the European Union (E.U.).
The announcement from the government and England’s central bank was expected after Governor Carney told lawmakers last week that he was "willing" to extend his tenure beyond his previously scheduled June 2019 departure.
Though Carney’s six-month extension is shorter than expected — most were predicting he would carry on for another full year — the decision reduces one uncertainty surrounding Brexit.
Britain is due to leave the E.U. in March 2019 but there is uncertainty as to how exactly it will depart the trading bloc.
"I recognize that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit," Carney said in a written statement. "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, and I can confirm that I would be honoured to extend my term to January 2020."
Carney, who is Canadian and is reported to be interested in returning to politics back home, won acclaim for helping to calm financial markets in the wake of Britain's vote in June 2016 to leave the E.U.
Britain's Treasury Chief Philip Hammond approves of Governor Carney's performance and is hoping that the central bank will be able to support a smooth exit from the E.U. for Britain. Carney has led the Bank of England since July 2013, when he became the first non-Briton to take the top job at the central bank.
