Mark Carney agrees to stay at Bank of England until January 2020

Mark Carney will see Britain through Brexit

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

In the months after Britain voted to leave the European Union, however, he committed to an additional year as governor, citing "the importance to the country of continuity during the UK's Article 50 negotiations".

"Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

Nigel was responding to the news that the Governor of the Bank of England, Mark Carney, will remain in his post longer than expected to "support continuity" in the economy.

"I deeply appreciate your support and that of the Prime Minister".

"I would like to take this opportunity to thank you for the important contributions you have made to monetary and financial stability in the United Kingdom".

Last month he warned that the risk of a "no deal" divorce with the European Union was "uncomfortably high" and "highly undesirable".

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After Mr Carney signalled he was likely to stay last week, infuriated Brexiteers warned "Project Fear wouldn't be the same without Carney's regular Grim Reaper pronouncements".

Following the hearing, Mrs Morgan said: 'Stability is vital during this important period.

Carney's credentials in providing stable leadership during the tumultuous market conditions that followed the shock Brexit vote confirm him as a steady hand at the tiller in times of stress.

Having an inexperienced leader at Threadneedle Street at such a moment would nearly certainly be unhelpful.

The front-runner to succeed Mr Carney is widely seen to be Andrew Bailey, the chief executive of Britain's Financial Conduct Authority and a former deputy governor at the BoE.

"I think a governor who is leaving at the end of June with his bags already packed would be in a poor situation to represent the U.K.in what might be some critical and time-critical negotiations over that period, trying to find practical solutions to situations that might arise", Hammond said.

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