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Business

Carney to stay extra year at Bank of England

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Business

Carney to stay extra year at Bank of England

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COMING UP:Carney to stay extra year at Bank of England

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Transcript

00:00:00
>> Bank of England's governor, Mark Carney, ending the feverish speculation about his future. He says he will extend his term by a year until June 2019. In a letter to Chancellor Phillip Hammond, Carney says staying on will contribute to securing an orderly transition to the UKs new relationship with Europe.
00:00:21
Sterling got a boost on the news. Investors glad he won't be leaving midway through the Brexit talks. But critics had hoped Carney would quit sooner. They say he's to biased against Brexit. Hints that Theresa May shared those views seem to spell trouble. Reuters UK Chief Economics Correspondent, Bill Schomberg.
00:00:42
>> It was very unusual when Theresa May criticized the low interest rates and quantity easing policy of the Bank of England in her big speech at the Conservative Party Conference in early October. A lot of people read into that a warning or a displeasure on the part of Theresa May towards Mark Carney.
00:00:57
It has since been explained as perhaps not the best wording that she could have used in that speech by some of her aides.>> Carney says his decision was personal, not political. The Canadian wants his four children to go to school back home. But supporters had hoped he would exercise an option to stay on until 2021.
00:01:19
Now the danger is that Carney ends up satisfying no one, leaving the bank too late for his critics and too early for his fans.