Confirmed: Carney to stay on at Bank of England until January 2020

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Speaking to the TSC on Tuesday, Carney commented: "I fully recognise during this critical period, it is important everyone does everything they can to help with the transition of exiting the European Union".

The extension was agreed in an exchange of letters between the governor and the chancellor published on Wednesday.

Canadian Mark Carney has agreed to remain as Governor of the Bank of England until January 2020 in order to shepherd the British economy through the initial stages of its exit from the European Union (E.U.).

Ending days of mounting speculation, Hammond confirmed to lawmakers on Tuesday that the Canadian, who had been due to step down in June 2019, will extend his term to help steer the United Kingdom economy in the wake of Brexit.

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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He says: "Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the BoE".

"That Mark Carney wants to stay should worry everyone, but the shocks facing the economy could be deeply damaging - jobs and our prosperity are at risk".

In addition, the Treasury announced that Jon Cunliffe was reappointed for a second five-year term as deputy governor responsible for issues relating to financial stability. "I certainly can't make announcements on behalf of the government but I'll do whatever I can to support this process". He was seen as a key source of financial stability in the political power vacuum that followed the Brexit vote, but also drew the ire of pro-Brexit lawmakers who believe he waded too far into the political debate.

In remarks that will remind Brexiteers why they find him so frustrating, Mr Carney warned that a no deal Brexit would send prices rising and hit real incomes.

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

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