Economy

BOE Chief Carney To Stay To 2020 As UK Faces Brexit Crunch

BOE Chief Carney To Stay To 2020 As UK Faces Brexit Crunch

The Bank of England's Mark Carney agreed Tuesday to extend his period as governor by six months until January 2020 in order to help out in the initial phases of Britain's exit from the European Union.

Though the extension is shorter than expected - most were predicting Carney would carry on for another year - the decision does help reduce one of the immediate uncertainties surrounding Brexit.

"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".

The chancellor of the exchequer Phillip Hammond has requested that Carney remain for an extended period, which the Governor agreed to in a letter of acceptance.

On Sir Jon's reappointment, Mr Hammond said: 'I'm delighted to announce the re-appointment of Sir Jon Cunliffe for a further term as Deputy Governor, and I'm confident his extensive experience will continue to be a valuable asset to the Bank of England'.

More news: Hurricane Florence Approaches Carolinas as Wind Speeds Reach 150 miles per hour

Hammond also said that Carney would provide "vital stability" for Britain's economy during the Brexit transition.

Britain is due to leave the E.U.in March 2019 but there is uncertainty as to how exactly it will depart the trading bloc.

The governor and Prime Minister have clashed in the past with May commenting in 2016 on how there would be "bad side effects" for Carney's monetary policy and Carney taking a negative view on the future of Brexit. He initially said he'd serve just five years of what is usually an eight-year term, but following the Brexit referendum agreed to remain in place an additional year to the end of June 2019. "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".

The decision also raises questions about the government's grasp of the Brexit process if Carney's presence is needed to ensure stability, or the United Kingdom treasury is struggling to find a replacement while it focuses on negotiations.


  • Amazon CEO Jeff Bezos Announces $2 Billion Fund to Help Homeless Families

    Amazon CEO Jeff Bezos Announces $2 Billion Fund to Help Homeless Families

    In January, Bezos also personally gave $33 million USA in college scholarships for young immigrants living in the USA illegally. Amazon is designating 47,000 square feet of space at its new corporate office for a permanent Mary's Place shelter.

    Sam's Club Offers $100 Off iPhone Xs, iPhone Xs Max Buy

    Usually the new iPhone reaches Doha on the same day through grey market but will be priced exorbitantly higher than actual price. The range now starts with the iPhone 7 and is followed by the iPhone 8 and the new iPhone XS as well as iPhone XR models.
    Microsoft Edge Is Trying To Warn People Off Firefox And Chrome

    Microsoft Edge Is Trying To Warn People Off Firefox And Chrome

    Microsoft already triggers a milder form of this behavior in Windows 10 when you attempt to set another browser as default. Currently, this is only on an Insider build, but there's every chance it'll be on customer PCs in the October 2018 update.
  • Pope Francis summons bishops to discuss sexual abuse scandal

    Pope Francis summons bishops to discuss sexual abuse scandal

    O'Malley of Boston, president of the Pontifical Commission for the Protection of Minors, Archbishop Jose H. McCarrick is accused of sexually abusing a teenager in the 1970s and young religious workers.
    California Commits to 100 Percent Renewable Energy By 2045

    California Commits to 100 Percent Renewable Energy By 2045

    Others say the goal of 100 percent renewables is not realistic because wind and solar power are not always available. The companion executive order Brown signed directs the state to achieve "carbon neutrality" no later than 2045.
    Real Madrid 'join Frenkie de Jong race'

    Real Madrid 'join Frenkie de Jong race'

    He added: "He is doing very well now, but we have often had Dutch players who first played very well, but later became less". De Jong is under contract at Ajax until 2022, so any bid would have to be astronomical to be accepted.
  • Turkey stuns market with massive interest rate hike

    Turkey stuns market with massive interest rate hike

    The bank described the hike as a "strong monetary tightening to support price stability". It has lost around 40 per cent of its value this year.
    Tennis Umpires Fear 'No One Has Their Back' After Serena Williams Controversy

    Tennis Umpires Fear 'No One Has Their Back' After Serena Williams Controversy

    Amid the crowd booing, Williams tried to reassure the new champion that the boos were not aimed at her. Williams went on to allege that male players were treated more favourably than female players.
    'Manchester United Star Developing Quicker Than Cristiano Ronaldo'

    'Manchester United Star Developing Quicker Than Cristiano Ronaldo'

    Rashford will have just a year left in his contract and former England defender Jamie Carragher has told him to quit rather than start from the bench.
  • NCDC ramps up response as United Kingdom links monkeypox to Nigeria travel

    Monkeypox is a rare yet typically non-dangerous infection caused by a virus native to Central and West Africa. A rash may also develop, which usually begins on the face and then spreads to other parts of the body.
    George Weah: Liberia president is 'oldest international' ever

    George Weah: Liberia president is 'oldest international' ever

    Weah is the first African Footballer to ever win the prestigious Ballon d'Or ( FIFA World Player of the Year) award. Former Paris Saint-Germain and Marseille star Weah is not expected to continue his global career beyond this match.
    Too many teens are using Juuls, according to the FDA

    Too many teens are using Juuls, according to the FDA

    Imperial Brands unit Fontem Ventures said it would work to further strengthen youth access prevention policies and procedures. However, he seemed reluctant to give up on flavored nicotine , because he said it appeals to adult cigarette smokers.