Bank of England governor Mark Carney to step down in 2019 in Brexit compromise
November 1, 2016

The governor of the Bank of England, Mark Carney has announced that he will step down in June 2019, serving one year longer than the minimum five he had committed to. This is still two years short of the usual eight year term governors serve, despite a recent vote of confidence from Prime Minister Theresa May. A statement from No 10 Downing Street on the morning of Carney’s announcement said: “It is clearly a decision for him but the PM would certainly be supportive of him going on beyond his five years”.

Mr Carney has commented that this decision “recognised the importance to the country of continuity” during Brexit negotiations. Theresa May responded by reiterating that Mr Carney’s decision to stay for an extra year would provide “continuity and stability as we negotiate our exit from the European Union”.

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