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“ I am willing to do whatever else I can in order to promote both a smooth Brexit and an effective transition.” Image: Reuters/Matt Dunham
“ I am willing to do whatever else I can in order to promote both a smooth Brexit and an effective transition.” Image: Reuters/Matt Dunham

Mark Carney to Remain with the Bank of England

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“ I am willing to do whatever else I can in order to promote both a smooth Brexit and an effective transition.” Image: Reuters/Matt Dunham

Bank of England Governor Mark Carney now says he is willing to remain at his position. Carney’s intention was to step down as of next June, but now he is willing to stay longer.

Seeing it Through

Bank of England Governor Mark Carney had intended to leave his job in June 2019. That said, he has now updated his intentions to stay at his post beyond that date. It is now his intention to do what he can to help ease the United Kingdom through Brexit. The hope is to make the departure from the European Union as smooth as possible for the British economy.

In 2013, Carney moved to London after having lived in Canada his entire life. At that time, his intention was to remain with the Bank of England until 2018. In 2016, when Great Britain voted in favor of Brexit – which will occur in March 2019 – Carney agreed to extend his stay in the position by another year.

“A Smooth Brexit”

“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,” said Carney when speaking to Treasury Committee lawmakers earlier this week.

“The Chancellor (finance minister Philip Hammond) and I have discussed this. I would expect an announcement to be made in due course.”

Hammond Wanted Carney to Stay

Last week, British media headlines claimed Chancellor Hammond was hopeful that Carney would remain at the Bank of England for longer than promised. Keeping Carney in place would make it possible for the finance ministry to place all its focus on Brexit negotiations throughout the months remaining before Great Britain steps out of the E.U.

On Tuesday, Carney agreed that finding his replacement might be a more achievable task once the Brexit terms have been determined and are made public.

“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,” said Carney.

He also added that the British economy would face considerable struggle if the country withdraws from the single market without first having a deal in place. Moreover, he pointed out that less than 20 percent of companies in Great Britain had plans in place in case of a no-deal Brexit.

Note: The opinions expressed in this article are the author's own and do not necessarily reflect the view of Alvexo on the matter.