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Mark Carney will remain the Bank of England Governor until 2020

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Mark Carney will remain the Bank of England Governor until 2020
September 14
09:00 2018

The Governor of the Bank of England will remain in office longer than the deadline. He will stay in this post for half a year and will give up his powers only in early 2020.

According to the rules, Mr. Carney is due to leave in June next year, but he will fulfill his obligations for another 6 months. This is necessary to ensure a smooth implementation of Brexit.

The head of the Central Bank says about what is going on: “It is important to withdraw from the European Union as smoothly and successfully as possible. It will be an honor for me to extend my term for the necessary period. “

Mark Carney used to speak about the negotiations regarding the extension of the term, but he did not disclose details. Now the situation has become clear.

The Ministry of Finance reported that Jon Cunliffe was reassigned to the position of Deputy Chairman of the Central Bank for a new 5-year term.

Usually, the Ministry of Finance publishes the information about the appointment in July. However, this has not happened this year, and talks about the extension of Carney’s authority began already then. A similar situation was observed in 2012, when the current head of the Central Bank was appointed.

Mark Carney, a native of Canada, is the first foreign governor of the regulator. He took up his duties in 2013. He previously worked at Goldman Sachs, in the Ministry of Finance and the Central Bank of Canada. Since 2011, Mr. Carney has served as the Financial Stability Board Chairman.

8 years is a standard term for the duties of the Chairman of the Bank of England. But Mark Carney was going to work only 5 years and then retire. In 2016, he agreed to stay until the mid-2019, until the country exits from the EU. Until recently, he denied that it was possible to extend authorization.

The family of the Bank of England Governor returned home in summer.


The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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