View more on these topics

Carney to remain as BoE governor until 2020

Chancellor Philip Hammond has asked Mark Carney to stay on as Bank of England governor until 31 January 2020 to ensure a smooth exit from the EU.

The extension was agreed in an exchange of letters between the governor and the chancellor published this morning.

Bank of England deputy governor with responsibility for financial stability Jon Cunliffe has also been re-appointed, effective from 1 November 2018 and his term will last until October 2023.

The re-appointment of Carney ends speculation about who would lead the bank at a time of uncertainty related to the UK’s departure from the EU.

In a letter to Hammond, Carney says: “I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit.”

He says: “Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the BoE.”

Hammond says: “I’m delighted that the governor has agreed to stay in his role for a further seven months to support a smooth exit from the EU and provide vital stability for our economy.”

Recommended

Keystone Property Group

Exclusive interview: Major changes afoot at Keystone

After 31 years as a broker, David Whittaker is ready to ‘put up or shut up’ as he takes the helm of buy-to-let lender Keystone Property Finance.  David Whittaker, one of the buy-to-let industry’s best-know figures has stepped away from Mortgages for Business — the brokerage with which he has long been associated — to oversee the regeneration […]

Retirement interest-only mortgages… five things you should know

Tom Gurrie offers some key insights into retirement interest-only mortgages. The rules have changedLast month the FCA redefined retirement interest-only mortgages – RIOs – as standard mortgages, not lifetime, to improve access to borrowing for older consumers, including interest-only borrowers facing shortfalls. Expect a boost in the number of these deals once lenders work through […]

Newsletter

News and expert analysis straight to your inbox

Sign up