Treasury plays down reports Government asked Carney to stay

Treasury plays down reports claiming Governor of Bank of England was asked to stay for TWO YEARS while a replacement was found

  • Mr Carney is due to leave next June, three months after Britain quits the EU
  • The 53-year-old has said that he wants to return to his native Canada next year
  • The Evening Standard newspaper, edited by former Chancellor George Osborne, claimed he had been asked to stay on  
  • It is claimed that the Government has asked him to extend his tenure until 2020

Mr Carney (pictured) is due to leave next June, three months after we quit the European Union, but it is claimed that the Government has asked him to extend his tenure until 2020

The Treasury has been forced to deny reports that Bank of England Governor Mark Carney could stay on for an extra year after Brexit.

Mr Carney is due to leave next June, three months after we quit the European Union, but it is claimed that the Government has asked him to extend his tenure until 2020.

The 53-year-old has said that he wants to return to his native Canada next year.

But mandarins have reportedly been struggling to find a candidate strong enough to replace Mr Carney and are keen for him to change his mind.

The Evening Standard newspaper, edited by former Chancellor George Osborne, claimed he had been asked to stay on.

Sources at both the Treasury and Bank of England downplayed the claims.

Officials claimed that the timetable for the Governor’s departure is unchanged.

A Treasury spokesman said: ‘We will begin recruitment for the next Governor of the Bank of England in due course.’

The job was widely expected to be advertised in July, but an advert has still not been posted.


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Sources said that an advert is likely to be released next month, and that this would be in line with the timetable when Mr Carney was hired.

The Governor – who is paid a £480,000 salary and gets a £250,000 annual allowance to cover his housing costs – has been tipped for a top role in Canadian politics, although Prime Minister Justin Trudeau is thought likely to be wary and see him as a potential rival.

Traders would likely be reassured if he chose to stay on at the Bank, as markets could be rocky after Brexit.

The Evening Standard newspaper, edited by former Chancellor George Osborne (pictured) claimed he had been asked to stay on

Anthony Gillham of savings firm Quilter Investors said: ‘If this speculation proves to be accurate then it would offer a degree of certainty around monetary policy through what is likely to be an unpredictable period for the UK economy.  

‘It is very possible we are facing a period of heightened volatility in bond, equity and currency markets.

‘So prolonging Carney’s spell in charge of the Bank would likely be received as a case of ‘better the devil you know.’

The Bank of England declined to comment. 

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