Categories Finance, U.S. Markets News

Bank of England governor Mark Carney to stay until 2020

After the UK voted to come out of the European Union, the UK government has been keen on keeping the Bank of England’s governor Mark Carney in his role up to January 2020-end. This means Carney should be overlooking the Brexit or Britain’s exit.

Britain is scheduled to divorce from Europe on March 29, 2019, and the country is in the process of working out a deal for maintaining its present trading system in place until 2020-end. However, if the deal is not reached, the UK economy and financial markets could considerably turn into chaos.

The new extension confirmed the speculations, which were mounting in recent weeks, that the government will ask Carney to stay at the central bank. The government was struggling to find a suitable successor to Carney and the finance ministry was keen on an extension.

Under Carney’s shadow, the bank had lifted interest rates twice with the recent hike being in August. Experts believe that Carney’s longer stay could give more time for the government to accept in terms of the country’s exit from the EU.

The Chancellor of the Exchequer, Philip Hammond, told the New York Times that Carney’s tenure extension would provide vital stability for the UK’s economy. Hammond also said the bank’s deputy governor Jon Cunliffe will serve a second five-year term until October 2023.

Meanwhile, the policymakers of the central bank are due for a monetary policy meeting that is scheduled in two days. In August, the interest rates have been lifted by the bank to 0.75% with regard to the 2.4% inflation cap. Shortly after the referendum, the central bank lowered its benchmark interest rate to 0.25.

Carney was appointed in 2013 to lead the central bank and he was planning to leave in 2018. Following the Brexit vote, he changed his decision and agreed to extend the term until June 2019.

Most Popular

Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO

Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training

INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues

Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came

Riding the AI wave, Nvidia looks set to stay on the high-growth path

After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top