Mark Carney wants to stay on until Brexit: Bank chief says he can ‘support smooth EU exit’
BANK of England governor Mark Carney confirmed he is willing to retain his position beyond his planned leaving date to “support a smooth Brexit”, pledging he will do “whatever” he can to support the UK through the withdrawal process.
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Mr Carney, who was appointed governor in 2013, had already agreed to prolong his mandate for one year in the wake of the EU referendum, in June 2016.
But today the governor, who is currently due to leave the post in June next year, confirmed during talks with the parliament’s Treasury Committee he is ready to extend his tenure.
He said: "I fully recognise that during this critical period it's important that everyone does everything they can to help with the transition to exiting the EU.
"Even though I have already agreed to extend my time to support a smooth Brexit, I am willing to do whatever else I can in order to promote both a smooth Brexit and an effective transition at the Bank of England.”
I am willing to do whatever else I can in order to promote both a smooth Brexit and an effective transition at the Bank of England
Mr Carney added he has already discussed this possibility with the Chancellor of the Exchequer, Philip Hammond.
He said: "The Chancellor and I have discussed this.
“I would expect an announcement to be made in due course."
Arguing it will be easier to find a suitable replacement for him after the Brexit terms are known, Mr Carney also said: "There are some advantages for that process to be run in the context of full knowledge both of the government of the day and the applicants, those interested parties in the position, of the exact form of Brexit that the country has decided to take.”
The governor’s comments in front of the Committee fuelled speculation he could be in negotiations to retain the post until 2020, one year after the UK leave the European Union in March 2019.
Commenting on the possibility of Mr Carney remaining until 2020, Downing Street said last night: “He has said he is stepping down in June 2019.
“The Treasury have said we’ll start recruiting for a new Governor. And that is the plan.”
However, Theresa’s May’s spokesman did not entirely rule out Mr Carney changing his mind and said: “The PM thinks the governor has done a good job.”
Mr Carney’s statement comes after some MPs urged the governor to extend his term.
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Conservative MP George Freeman said: “We need a Brexit that doesn’t damage business confidence, investment and jobs.
“Mark Carney is the Alex Ferguson of the City - if he’ll do it he would be a smart pick."
Another Conservative MP, Ed Vaizey, said: “The last thing we need is more upheaval next year, so Carney should be offered a contract extension if he wants it.
“He would help to smooth Brexit.”
But Brexiteer Jacob Rees-Mogg MP branded “ridiculous” changing the leaving date of Mr Carney.
He said: “Carney refused an eight-year term as Governor, accepting a shorter one, which was then extended.
“To change it again would be ridiculous.”
The Bank of England governor has been a staunch critic of Brexit, speaking about it in pessimistic terms in the past.
Last month he called the possibility of a no-deal Brexit “uncomfortably high” and “highly undesirable”.
And he claimed that leaving the EU without a deal would expose the country to a shock, adding less than 20 percent of British companies were putting in place their plans for a no-deal Brexit.