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Free AccessMNI POLICY: BOE Carney To Stay To Jan 2020; Cunliffe New Term
By David Robinson
LONDON (MNI) - Bank of England Governor Mark Carney will continue in his
post until the end of January 2020 and Deputy Governor Jon Cunliffe has been
given a new term lasting through to October 2023, Chancellor of the Exchequer
Philip Hammond revealed Tuesday.
Hammond told Parliament that the UK was facing testing times as a result of
the Brexit process, and the re-appointments ensure continuity at the top of the
central bank.
Carney had previously told the Treasury Select Committee that he was
willing to stay on at the Bank to help with consequences of Brexit, and Hammond
on Tuesday fleshed out the details.
Carney has agreed to extend his stay by seven months, having previously
said that he would leave in June next year.
"I recognise that during this critical period, it is important that
everyone does everything they can to support a smooth and successful Brexit ...
and I can confirm that I would be honoured to extend my term to January 2020,"
Carney said in a letter to Hammond.
While Carney has attracted sharp criticism from pro-Brexit lawmakers
because of the Bank's assumption Brexit is economically damaging near-term, he
enjoys the support of Hammond, who himself has repeatedly highlighted the risks
associated with Brexit.
--SMOOTH BREXIT
Hammond stated that keeping Carney in place was designed to "to support a
smooth exit of the United Kingdom from the European Union and an effective
transition to the next Governor."
The Chancellor set out the timetable for the appointment of Carney's
successor -- who, if things go according to plan, will come in when at least
some of the Brexit uncertainty has decreased.
The new governor will be appointed "during the Autumn next year after the
terms of the UK's withdrawal and the framework for the future partnership have
been finalised," Hammond said
Cunliffe, the Deputy Governor for Financial Stability, was previously the
top civil servant in Brussels and his reappointment again ensures continuity in
dealing with EU counterparts.
--MNI London Bureau; tel: +44 203-586-2223; email: david.robinson@marketnews.com
[TOPICS: M$B$$$,M$E$$$,M$$BE$,MGB$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.