Carney to stay at Bank of England until 2020

Bank of England Governor Mark Carney

The LBC presenter slammed Mark Carney's decision to continue in his post as Governor of the Bank of England until the end of January 2020.

Speaking in parliament, chancellor Hammond said that he wanted to extend Carney's stay in order, "to ensure continuity during what could be quite a turbulent period for our economy in the early summer of 2019".

British Treasury chief Philip Hammond, following discussions with Prime Minister Theresa May, appears to have approved of Carney's performance so far.

Sir Jon Cunliffe, Bank of England deputy governor with responsibility for financial stability, has also been re-appointed for a second five-year term that will last until October 2023.

Carney focused heavily on minimising financial market turmoil in the run-up to June 2016's European Union referendum and has warned since of the costs of a disorderly Brexit, drawing fire from Brexit supporters.

The move means extending Carney's term by seven months, having previously planned to step down in June 2019.

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Still, the latest extension raises questions about the government's grasp on the Brexit process if Carney's presence is needed to ensure stability.

"I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit", said Carney in accepting the offer. "I certainly can't make announcements on behalf of the government but I'll do whatever I can to support this process".

"In a sea of Brexit political pygmies the governor of the Bank of England is one of the only sane voices at the table, so it is welcome news he is staying on".

He had originally only meant to remain for five years after joining in 2013, but announced plans to stay an extra year four months after the Brexit Referendum in June 2016.

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

"As BoE governor, Carney has not always been universally popular, but appointing him as temporary caretaker through this period of transition does make sense".

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