Mark Carney says he is willing to stay as Bank of England governor to aid smooth Brexit

Mark Carney

Mark Carney today said he is willing to do whatever he can to promote a smooth Brexit process when asked if he will stay on as Bank of England governor.

Carney said he is “not in a position” to make an announcement today, but said he expects the Treasury to make an announcement “in due course”.

Philip Hammond has discussed an extension with Carney because as Chancellor he will make the final decision. The Treasury declined to comment on the timetable for a decision to be made.

Speaking to MPs at the Treasury Select Committee, he said: “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 a smooth Brexit and an effective transition at the Bank of England.”

Carney said he was “signalling a willingness to do whatever I can to support this process” and that he expects it to be “resolved relatively soon”.

Speculation about Carney’s future has been rife after multiple reports the Treasury is considering offering him an extension.

The Prime Minister’s spokesperson was yesterday forced to clarify that it is “still the plan” for Carney to leave in 2019. The Bank of England governor is technically appointed by the Queen, although in practice the Treasury is responsible for making the hire.

Carney joined the Bank in 2013, saying he would serve five years of an eight-year term. He then agreed to another year after the Brexit vote in order to steer the UK’s financial system through the transition.

The Canadian banker, who previously worked at Goldman Sachs and the Bank of Canada, had previously said his time in office was tied to the timings of his children’s educations.

The speculation about Carney’s future has complicated the hunt for a successor. The process was expected to start this month with a public advertisement on the civil service website and in the media, but the Treasury has given no indication of any progress on this front.