The current Bank of England Governor Mark Carney has agreed to stay in his current role until the end of January 2020.
"The extension was agreed in an exchange of letters between the Governor and the Chancellor (U.K. finance minister) published this morning," the government said in a statement Tuesday. The governor had been due to step down at the end of June 2019 — just two months after the March 29 deadline for the U.K.'s departure from the European Union.
In his letter to Finance Minister Philip Hammond, Carney appreciated the support from the prime minister and expressed his willingness to do whatever it takes to facilitate a smooth Brexit.
"I recognize that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit. Accordingly, 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 and I can confirm that I would be honored to extend my term to January 2020," Carney said.
U.K. Prime Minister Theresa May had earlier backed Carney to remain in the job until 2020. This decision aims to give some stability to the U.K. economy while Brexit takes place. In a letter to Carney, Hammond confirmed the extension of his appointment to the end of January 2020.