Bank of England's Carney extends term at helm to Jan 2020

The Bank of England governor tells Sky News why raising interest rates was the best move for the UK economy

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.

Hammond had earlier said that Carney would stay on as governor of the central bank until the end of January 2020 to help navigate the turbulence of Brexit, with Britain due to depart the bloc in March 2019.

The extension was agreed in an exchange of letters between Carney and the Chancellor Philip Hammond published this morning.

Carney, who is Canadian and is reported to be interested in returning to politics back home, won acclaim for helping to calm financial markets in the wake of Britain's vote in June 2016 to leave the European Union. "Whoever would take over, had they taken over in June next year, or now its going to be January 2020, would be looking at a very gradual policy normalization, subject to the negotiations in terms of our relationship with the European Union".

"How on earth can we take this government seriously when they say "Brexit means Brexit" when they keep this man unnecessarily in his post?"

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The EU's chief Brexit negotiator, Michel Barnier, has criticized aspects of May's blueprint but said on Monday he believed a Brexit deal was possible "within six or eight weeks", in comments that lifted the pound currency against the euro and dollar.

Still, the latest extension raises questions about the government's grasp on the Brexit process if Carney's presence is needed to ensure stability.

"I am willing to do whatever I can in order to promote both a smooth Brexit and an effective transition at the BoE".

Should Brexit go smoothly and United Kingdom economic activity pick up steam in 2019 a Carney-led Bank of England would nearly certainly accelerate the pace of interest rate rises as per recent guidance.

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