Bank of England boss Mark Carney urged to stay and oversee a smooth Brexit
The Canadian financier, is due to quit as head of the UK's central bank next June - just weeks after the country leaves the EU
BANK of England boss Mark Carney is being urged to stay in his job to help oversee a smooth Brexit.
The Canadian financier is due to quit next June as the head of UK’s central bank - just weeks after the UK leaves the EU.
But it has emerged the Treasury have held discussions about extending his contract by another year to avoid a newcomer taking over the helm during the aftermath of our historic exit.
Mr Carney was originally hired in 2013 on a five year term but in the wake the EU referendum agreed to stay until mid 2019.
Now Tory MPs are calling for Mr Carney to stay in post until 2020, to protect the stability of the economy.
George Freeman said: “We need a Brexit that doesn’t damage business confidence, investment and jobs.”
He added: “Mark Carney is the Alex Ferguson of the City - if he’ll do it he would be a smart pick.”
And Ed Vaizey said “The last thing we need is more upheaval next year so Carney should be offered a contract extension of he wants it. He would help to smooth Brexit.”
And respected financial commentator David Buik said there was “no problem with Mark Carney staying on for continuity purposes.”
But Eurosceptic Jacob Rees Mogg said a change to Mr Carney’s contract would be “ridiculous” after he engraged Leave voters with his gloomy Brexit predictions.
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Asked whether the Prime Minister would back an extension, Downing Street said last night that Mr Carney “has said he is stepping down in June 2019. The Treasury have said we’ll start recruiting for a new governor. And that is the plan.”
But Theresa May’s spokesman did not rule out a change of heart, adding: “The PM thinks the governor has done a good job.”
The Governor will be urged to come clean about his future when he appears in front of the powerful Treasury Select Committee later today.
Last night the Bank of England did not respond to request for comment.
The Sun Says
WE have had some harsh words for Bank of England boss Mark Carney.
He was ceaselessly gloomy about Brexit and often appeared to act as spokesman for George Osborne’s Project Fear brigade.
But we never doubted his skills. And we can see big advantages if he fancies staying on for another year after his scheduled leaving date next June.
The financial markets will need all the consistency and stability they can get as we exit the EU next March. Changing the head of the Bank of England won’t help.
The Canadian is a serious figure. Keeping him at the helm would offer a welcome degree of calm.
But he will also need a laser-like focus on helping to supercharge our economy for a new era of pioneering independence, with low interest rates and inflation combined with lower taxes.
He will need to ensure the world knows Britain is open for business.
Our economy is ticking along despite all the uncertainty produced by foolish Remainer doom-mongering. Imagine the massive boost to growth ready to be unleashed once we know for sure what Brexit looks like.
Forget Project Fear . . . if he stays, Mr Carney can be in charge of Project Hope.