BBC News - Mark Carney to stay on at Bank of England until 2020

Mark Carney will remain Bank of England governor until the end of January 2020, Chancellor Philip Hammond has told MPs.

Mr Hammond said the seven-month extension would "support a smooth exit" from the European Union.

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

Mr Carney said he was "willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

The governor had been due to step down from the role at the end of June 2019 - two years short of the usual eight-year term.

The Canadian replaced Mervyn King in 2013, becoming the first non-Briton to be appointed governor in the Bank's 300-year history.

'Continuity'

Mr Hammond told the Commons that the early part of summer 2019 "could be quite a turbulent period for our economy" ahead of the UK's departure from the EU, which is scheduled for 29 March.

Mr Carney had agreed "despite various personal pressures" to stay on until January 2020 to "help support continuity in our economy during this period", the chancellor said.

He also said time was running out for the UK and EU to secure a Brexit deal.

Sir Jon Cunliffe, Bank of England deputy governor with responsibility for financial stability, has also been re-appointed for a second five-year term that will last until October 2023.

Bradley Fried, chair of the Bank's Court of Directors, welcomed their decisions to stay on: "Continuity in the outstanding leadership they provide will help the Bank succeed in our crucial work."