Carney May Be Asked to Extend BOE Term Again, FT Reports By Bloomberg

Carney May Be Asked to Extend BOE Term Again, FT Reports By Bloomberg

(Bloomberg) — Mark Carney may be asked to extend his term as Bank of England governor again if the U.K.’s exit from the European Union is delayed, according to the Financial Times.
The prospect of an election in coming months is making the imminent naming of a successor less and less likely, meaning the former Bank of Canada chief could be asked to stay on beyond his current departure date of Jan. 31, the newspaper reported, citing unidentified government officials.
“The process is on track and we will make an appointment in due course,” the Treasury said in a statement.
Carney originally intended to serve only five years at the BOE, but then assented twice to extend his term to help prepare for any Brexit-related crisis. Political deadlock has since delayed the appointment process to replace him, with the planned date of Oct. 31 for the U.K.’s departure from the EU already meaning that Chancellor of the Exchequer Sajid Javid might wait until after then to name a new governor.
The Treasury advertised for a successor under Javid’s predecessor, Philip Hammond, and a panel of officials prepared a shortlist that could conceivably be discarded by the current government.
The five people who are thought to have made it to that round are mainly current or former BOE officials, according to the FT. It identified them as Shriti Vadera, chair of Santander (MC:) U.K., Financial Conduct Authority Chief Executive Officer Andrew Bailey, London School of Economics Director Minouche Shafik, Ben Broadbent and Jon Cunliffe — both of whom are deputy governors at the central bank.
(Updates with comment from Treasury in third paragraph.)

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