Despite Opposition, Carney Extends Leadership of Bank of England to 2020

LONDON (AP) – The Bank of England’s Mark Carney has agreed to extend his period as governor until January 2020 in order to help oversee Britain’s exit from the European Union.

The announcement Tuesday from the government and the bank was widely expected after Carney told lawmakers last week that he was “willing” to extend his period at the helm beyond the June 2019 end-date.

Britain is due to leave the EU in March 2019 but there is uncertainty as to how it will leave. The decision by Carney to agree to stay for longer helps reduce one of the uncertainties surrounding Brexit.

Carney said that “during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit.”