IFM Correspondent

November 1, 2016: Bank of England governor Mike Carney has ended days of speculation by announcing that he will step down in June 2019, still two years short of a full term. He said he recognises the importance ‘to the country of continuity during UK’s article 50 negotiations with EU’.

He had earlier said he would leave the bank after serving five years for personal reasons. However, he had to alter the plan following Brexit. “Since then, my personal circumstances have not changed, but other circumstances clearly have, most notably the UK’s decision to leave the European Union,” he wrote.

“Recognising the importance to the country of continuity during the UK’s article 50 negotiations, and notwithstanding those personal circumstances, I would be honoured to extend my time of service as governor for an additional year to the end of June 2019. By taking my term in office beyond the expected period of the article 50 process, this should help contribute to securing an orderly transition to the UK’s new relationship with Europe,” he said.

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