Briferendum Aftermath Series: Mark Carney to extend his term by one year

Yet another indication that the Brexit is real and to be arriving soon; Bank of England (BoE) governor Mark Carney, after talking with British Prime Minister Theresa May and chancellor of exchequer Phillip Hammond informed that he will be extending his term by one year and will not be completing a full eight-year term. In a letter to Mr. Hammond, Mr. Carney said that he is honored to serve longer than he originally intended. When Mr. Carney first became the chief of Bank of England (BoE), he expressed interest in serving only for five years due to personal reasons, instead of full eight-year term.

Mr. Hammond praised the governor’s decision to serve for longer than intended and his effective leadership in a time of difficulty. Prime Minister May also praised the governor’s decision but said that she didn’t persuade him to stay.

He extended his stay by one year than originally planned as everyone agreed that it would be in the best interest of the country if he helps the UK economy to steer through the uncertain days of the Brexit. Mr. Carney will stay until the second quarter of 2019, by which time Britain is expected to get separated from the European Union.

The pound is higher on the news and currently trading at 1.226 against the dollar.