Mark Carney likely to serve full term as Bank governor

Mark-Carney-700x450.jpgBank of England governor Mark Carney is likely to serve a full eight-year term after speculation he would step down earlier amid sustained criticism over comments made in the run-up to the EU referendum.

Carney is expected to confirm his future intentions in a statement this week after meeting with Prime Minister Theresa May and Chancellor Philip Hammond and ahead of the central bank’s inflation report on Thursday.

According to people close to Carney, he intends to continue guide on the UK economy as the country gets through the critical years of its departure from the European Union, the Financial Times reports.

One source told the newspaper: “Mid-2018 could be the darkest days for the UK.”

Friends also say Carney is willing to defend the BoE’s independence from the sustained attacks by pro-Brexit campaigners who believe the central bank intentionally produced negative economic forecasts to boost the Remain campaign.

Tory MEP Daniel Hannan, who has called for Carney’s resignation, said:“I am sorry to say this — he seems a nice enough fellow — but Mark Carney should indeed resign. He politicised his office inexcusably.”

Speaking to BBC Radio 4 this morning Hannan said: “If he does stay, it must be on the basis that he sticks narrowly to his brief.”

In an appearance at the House of Lords last week Carney said whether he will stay in his role or not is “‘an entirely personal decision” and that “no one should read anything into that decision in terms of Government policy”.

He said: “It is a privilege for me to have this role. Like everyone, I have personal circumstances that I have to manage. This role demands total attention and I intend to give it as long as I can.”