Confirmed: Carney to stay on at Bank of England until January 2020

Confirmed: Carney to stay on at Bank of England until January 2020

Confirmed: Carney to stay on at Bank of England until January 2020

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

Hammond, who favors remaining close to the European Union, said Tuesday in parliament that keeping Carney at the central bank will "ensure continuity through what could be quite a turbulent period for our economy".

In the months after Britain voted to leave the European Union, however, he committed to an additional year as governor, citing "the importance to the country of continuity during the UK's Article 50 negotiations".

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However, earlier this year Chancellor Philip Hammond said he might look overseas again for a successor to Carney.

The decision is likely to prove controversial as Carney's tenure at the BOE has long drawn both criticism and praise.

British Treasury chief Philip Hammond, following discussions with Prime Minister Theresa May, appears to have approved of Carney's performance so far.

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Sir Jon Cunliffe, Deputy Governor of the Bank of England with responsibility for financial stability has also been re-appointed, effective from 1 November.

Anthony Gillham, head of investments at Quilter Investment, commented: "If Carney's tenure is extended he will have his work cut out, but the case for an experienced captain to guide the United Kingdom through unsafe waters has grown stronger as Brexit negotiations have dragged on". However, it is understood they now have a good relationship.

FILE PHOTO: The Governor of the Bank of England, Mark Carney, speaks to the Scottish Economics Forum, via a live feed, in central London, Britain March 2, 2018. "I certainly can't make announcements on behalf of the government but I'll do whatever I can to support this process". He extended it by a further year in the aftermath of the Brexit vote.

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Carney has already extended his term once at the Bank in a move to ensure continuity through the Brexit negotiations. He initially said he'd serve just five years of what is usually an eight-year term, but following the Brexit referendum agreed to remain in place an additional year to the end of June 2019.

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