BoE's Carney Staying On To 2019

(RTTNews) - Bank of England governor Mark Carney has extended his term by a year to 2019, in order to guide Britain after its exit from the European Union.

In a letter to the Chancellor, the Governor said he would extend his term to the end of June 2019.

"I would be honored to extend my time of service as Governor for an additional year to the end of June 2019. By taking my term in office beyond the expected period of the Article 50 process, this should help contribute to securing an orderly transition to the UK's new relationship with Europe," Carney said. "I look forward to continuing to promote the good of the people of the United Kingdom during this crucial time for the country," he added.

Carney will now serve for six years instead of the five he had committed to, however, he will still serve two years short compared to the usual eight years governors serve.

Chancellor Philip Hammond said he welcomed Carney's decision to stay an additional year, as he will be able to guide the Bank "through a critical period for the British economy as we negotiate our exit from the European Union".