Carney to remain in his role until January 2020

Mark Carney had originally planned to return with his family to Canada this year

Mark Carney had originally planned to return with his family to Canada this yearDANIEL LEAL-OLIVAS REUTERS

Bank of England Governor Mark Carney will stay at the central bank an extra seven months until the end of January 2020 to help smooth Britain's departure from the European Union next year, finance minister Philip Hammond told parliament on Tuesday.

Hammond also said that Carney would provide "vital stability" for Britain's economy during the Brexit transition.

Labour MP Virendra Sharma, a champion of the anti-Brexit campaign group Better for Britain, said Carney's willingness to stay through the turbulence "shows the problems that the government are having on Brexit".

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The chancellor also asked deputy governor Jon Cunliffe to extend his tenure by another 4-years, which Cunliffe accepted, saying, "I look forward to continuing to work with Mark and all Bank colleagues to deliver our important mission over the coming years".

Carney was previously set to leave his role in June 2019 but has been persuaded to stay on by Chancellor Philip Hammond.

According to the Financial Times, May gave her approval to the idea which would likely see Carney remain in the role until the second half of 2020.

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Though Carney's six-month extension is shorter than expected - most were predicting he would carry on for another full year - the decision reduces one uncertainty surrounding Brexit. However, it is understood they now have a good relationship.

Carney has already extended his term once at the Bank in a move to ensure continuity through the Brexit negotiations.

He initially said he'd serve just five years of what is usually an eight-year term, but following the Brexit referendum agreed to remain in place an additional year to the end of June 2019.

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"As BoE governor, Carney has not always been universally popular, but appointing him as temporary caretaker through this period of transition does make sense".

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