London — Mark Carney won a reputation for his handling of the global financial crisis and now faces one of the toughest challenges of his career — steering the Bank of England through Brexit. Carney on Monday said he would extend his term as governor by one year to guide the Bank of England as Britain negotiates its exit from the European Union. He committed to stepping down in June 2019 in order to "contribute to securing an orderly transition to the UK’s new relationship with Europe". Carney will therefore remain in London for the two-year negotiating period with Brussels, a timeline set out by Prime Minister Theresa May, who has promised to kick-start Brexit talks by the end of March 2017. The first foreigner appointed as governor since the British central bank was founded in 1694, Carney started his tenure in 2013 in the wake of the global financial crisis. He was described as "outstanding central banker of his generation" by Britain’s then finance minister, George Osborne, who ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.