Mark Carney to stay on at Bank of England until January 2020

14 September, 2018, 17:00 | Author: Brooke Harris
  • The Bank of England governor tells Sky News why raising interest rates was the best move for the UK economy

Britain's finance minister Philip Hammond said on Tuesday time was running out to secure a Brexit deal and confirmed that Bank of England Governor Mark Carney had agreed to stay to help the country through "a turbulent period" for its economy.

Bank of England's Mark Carney will extend his tenure as governor by seven months to ease the BOE's transition as Brexit nears.

To view the full article, register now.

Carney focused heavily on minimising financial market turmoil in the run-up to June 2016's European Union referendum and has warned since of the costs of a disorderly Brexit, drawing fire from Brexit supporters.

This Week In Golf: Bradley Clips Rose To Win BMW Championship
Woods finished Saturday with another four-under round, then waited out the rain on Sunday and teed off Monday at -12. Open and Then Open - although Woods has lifetime entry to the Masters and an exemption through age 60 at The Open.

"I think a governor who is leaving at the end of June with his bags already packed would be in a poor situation to represent the U.K.in what might be some critical and time-critical negotiations over that period, trying to find practical solutions to situations that might arise", Hammond said. Even so, the BOE raised interest rates to the highest since 2009 last month, and said a gradual series of hikes would be needed in coming years to control inflation.

Mr Carney said he was "willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

Anthony Gillham, head of investments at Quilter Investment, commented: "If Carney's tenure is extended he will have his work cut out, but the case for an experienced captain to guide the United Kingdom through risky waters has grown stronger as Brexit negotiations have dragged on".

The former Bank of Canada chief was appointed to the role in late 2012 after previously saying he wasn't interested in the job, and initially agreed to serve just five years of what is usually an eight-year term.

Recommended:

  • Tottenham vs. Liverpool: 5 players who could decide the outcome

    Tottenham vs. Liverpool: 5 players who could decide the outcome

    Evans, who took charge of the club during the 1990s, believes Liverpool's new-found ability to win ugly means they are in with a great chance of claiming glory come May.
    The New $1,449 iPhone Won't Include A Free Headphone Dongle

    The New $1,449 iPhone Won't Include A Free Headphone Dongle

    The iPhone XR , which will be released in October, is the least expensive of the three new iPhones . That being said, on its own he notes it "could be mistaken for the iPhone X of last year".
    Max Pacioretty through the years

    Max Pacioretty through the years

    Dominique Ducharme and Luke Richardson were added to replace Jean-Jacques Daigneault and Dan Lacroix on the coaching staff. Back in February, an emotional Pacioretty said he was relieved not to be leaving Montreal at the trade deadline.
  • Forza Horizon 4 demo is out today

    Forza Horizon 4 demo is out today

    Now our pre-order tracking is well ahead of where we want, and tracking ahead of where we were with Forza Horizon 3 . Take a tour of Britain in the demo, which will give fans a sample of open-world gameplay.
    Schools CLOSE as evacuations MULTIPLY ahead of landfall

    Schools CLOSE as evacuations MULTIPLY ahead of landfall

    Maximum sustained winds were clocked at 140 miles per hour (220 kph) as it moved west-northwest at 13 miles per hour (20 kph). This includes cities in the path of Florence such as Wilmington and Cape Hatteras in North Carolina and Norfolk, Virginia.
    Amazon's Jeff Bezos commits $2.7 billion to help homeless, pre-schools

    Amazon's Jeff Bezos commits $2.7 billion to help homeless, pre-schools

    In January, Bezos also personally gave $33 million USA in college scholarships for young immigrants living in the U.S. illegally. The other part will launch and operate free preschools in low-income communities, where "the child will be the customer".
  • Jurgen Klopp laughs off Gary Neville's comments about Liverpool

    Jurgen Klopp laughs off Gary Neville's comments about Liverpool

    Mauricio Pochettino's men will be among the teams rivalling the Reds for a place in the top four at the end of the season.
    Russian Federation  claims Syria rebels 'staging chemical attack'

    Russian Federation claims Syria rebels 'staging chemical attack'

    An estimated 3mn people live in Idlib - the last major stronghold of active opposition to President Bashar al-Assad. The report said any military action would have to be approved by Chancellor Angela Merkel.
    Why a weaker, Category 2 hurricane is still unsafe

    Why a weaker, Category 2 hurricane is still unsafe

    Little change in strength is expected before the center reaches the coast, with weakening expected after the center moves inland. Duke Energy Corp. expected between 25 percent and 75 percent of its 4 million customers would lose power in the Carolinas.
  • Nintendo unveils $60 wireless NES controllers for the Switch

    Nintendo unveils $60 wireless NES controllers for the Switch

    Additionally, purchasing the NES Joy-Cons will require a paid membership to Nintendo Switch Online , as one of the special offers. Previously, playing online was free, but once Switch Online debuts, everyone will need to pay to play online.
    Turkish central bank raises rates sharply, boosts lira

    Turkish central bank raises rates sharply, boosts lira

    Erdogan again described interest rates as a " tool of exploitation " but vowed that "we can not be taken advantage of". It was not immediately clear if Erdogan had been aware of the central bank's decision when he made his comments.
    New Opal claims WNBA title with Seattle

    New Opal claims WNBA title with Seattle

    In turn, they've forced Seattle to turn the ball over a combined 25 times so far and forced 15 turnovers in game two alone. Dan Hughes, 63, was lured out of retirement before the season to coach the Storm. "She truly was the MVP of this league".


Popular

Trump disputes Hurricane Maria death toll in Puerto Rico
But Trump, that official said, was unwilling to admit even internally that more needed to be done on the island. Republican response was largely muted. 'I think Puerto Rico was an incredible, unsung success , ' he claimed .

Multiple Classic Final Fantasy Titles Coming to the Xbox One
The mainline releases will be sprinkled throughout 2019, and we'll update when more info is available on those release dates. On a personal note, I've never played most of these games so their arrival on other platforms makes me really happy.

United States companies in China say tariffs are hurting
Later on Thursday, China's foreign ministry welcomed the offer of talks and said the two countries were discussing details. The Trump administration is poised to hit China, America's largest trading partner, with another $200 billion in tariffs.

Tennis umpires reportedly mulling boycotting Serena Williams matches after US Open flap
Ramos was unable to defend himself over the weekend as the rules prevent umpires from commenting on the matches they oversee. Williams has split opinion around the world with her behaviour during the straight-sets defeat to Naomi Osaka .

Mulroney urges Ottawa to make a deal on NAFTA
President Trump has voiced his willingness to create a separate deal than the one made with Mexico. Under U.S. trade negotiating laws, a text for that agreement is due by October 1.

Apple’s budget-friendly iPhone Xr will start at $749
And like the XS and XS MAX, the XR features Smart HDR, which preserves better highlight and shadow details across photos. Battery life is very important to many consumers, and we'll be testing the new phones once they arrive in the lab.

Hurricane Florence: Your guide to the story
Up to 1.7 million people have been ordered to evacuate across South Carolina, North Carolina and Virginia. Another video from NOAA's GOES-East weather satellite caught a different view of Hurricane Florence .

OnePlus 6T will not have a headphone jack
Like all previous OnePlus smartphones, the 6T will also not include a microSD card slot for further expansion. However, that will be compensated for with a bigger battery and, therefore, better battery life.

California Just Committed to 100% Carbon-Free Power by 2045
The nation's largest state now gets just over one-third of its energy from wind, solar or geothermal power, according to the U.S. The California Energy Commission estimates that 32 percent of retail energy sales were powered by renewable sources past year .

"Monster" Hurricane Florence aims to drench Carolinas
Tecklenburg said his flood-prone city is preparing for "copious rain" by clearing out the city's drainage system and getting boats and portable pumps ready.