This content is not available in your region

Carney says he is ready to stay longer at Bank of England

Access to the comments Comments
Carney says he is ready to stay longer at Bank of England
FILE PHOTO: Bank of England Governor, Mark Carney, speaks during the central bank's quarterly Inflation Report press conference in London, Britain August 2, 2018. Daniel Leal-Olivas/Pool via Reuters/File Photo   -   Copyright  POOL New(Reuters)
Text size Aa Aa

LONDON (Reuters) – Bank of England Governor Mark Carney said he was ready to stay in his job beyond his planned leaving date next June, saying he was willing to do what he could to ease Britain’s economy through its departure from the European Union.

When Carney moved to London from his native Canada in 2013, he agreed to stay at the BoE until 2018 before he extended his term by a further year in 2016 in order to help Britain through Brexit which is scheduled to happen in March next year.

“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 both a smooth Brexit and an effective transition at the Bank of England,” Carney told lawmakers on parliament’s Treasury Committee on Tuesday.

“The Chancellor (finance minister Philip Hammond) and I have discussed this. I would expect an announcement to be made in due course.”

British media said last week that Hammond wanted Carney to stay longer at the BoE, a move which would allow the finance ministry to focus squarely on Brexit negotiations over the next few months.

Carney said on Tuesday that it might be easier to find his replacement once the terms of Brexit are known.

“There are some advantages for that process to be run in the context of full knowledge both of the government of the day and the applicants, those interested parties in the position, of the exact form of Brexit that the country has decided to take,” he said.

Carney also said Britain’s economy would suffer a shock if the country leaves the EU without reaching a deal, and less than 20 percent of British companies were putting in place their plans for a no-deal Brexit scenario.

(Reporting by David Milliken and Kylie MacLellan; Writing by William Schomberg; editing by Michael Holden)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.