2018.09.1107:55:00UTC+00Bank Of England Governor Carney's Term Extended To January 2020

Mark Carney will continue as the Governor of the Bank of England until the end of January 2020, Chancellor of the Exchequer Philip Hammond said on Tuesday.

The seven-month extension was agreed in an exchange of letters between the Governor and the Chancellor, the HM Treasury said in a statement. The government re-appointed Jon Cunliffe Deputy Governor of the Bank of England with responsibility for Financial Stability, effective from November 1. His term will last until October 2023.

"I'm delighted that the Governor has agreed to stay in his role for a further seven months to support a smooth exit from the European Union and provide vital stability for our economy," Hammond said.

In his letter to the chancellor, Carney said, " 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..."