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Theresa May welcomes Mark Carney's decision to stay at the Bank of England until 2019 – business live Mark Carney to stay at Bank of England until 2019, sparking relief and disappointment – as it happened
(35 minutes later)
8.14pm GMT
20:14
Elizabeth Martins, an economist with HSBC, has dubbed Carney’s decision a halfway house (which is a relief, as I plumped for that term earlier :) ).
She says:
“I guess that markets would have liked to see a 2021 extension, and expected it given indications in the media. But this will go down better than an earlier departure.”
(that’s via Reuters)
8.11pm GMT
20:11
Some Bank of England trivia, from Newnight’s Lewis Goodall:
If you were wondering this makes Carney the shortest-serving Governor of the Bank of England since Leslie O'Brien in the 60s. You weren't?Oh
7.57pm GMT
19:57
Jacob Rees-Mogg, the Conservative MP who clashed with Mark Carney at several parliamentary hearings, doesn’t appear very happy with tonight’s news.
He told Reuters that:
“I think the uncertainty was bad, but I still think he ought to have gone because of his bias over Brexit.”
7.46pm GMT7.46pm GMT
19:4619:46
Some pro-Brexit Conservative MPs aren’t best pleased that Mark Carney will remain at the Bank of England until 2019, says the City AM newspaper.Some pro-Brexit Conservative MPs aren’t best pleased that Mark Carney will remain at the Bank of England until 2019, says the City AM newspaper.
One leading Tory brexiteer told them that:One leading Tory brexiteer told them that:
My sense is that if [Carney] is going to stay to 2019 he needs to find a way to row in behind the Prime Minister and start to find a way to be a bit more positive.My sense is that if [Carney] is going to stay to 2019 he needs to find a way to row in behind the Prime Minister and start to find a way to be a bit more positive.
I would like him to stay and do a good job, and demonstrate some enthusiasm for leaving the EU, seeing as we are going to.I would like him to stay and do a good job, and demonstrate some enthusiasm for leaving the EU, seeing as we are going to.
More here.More here.
I got some snap reactions from Tories on #Carney's decision to stay. It turns out they're not all thrilled... https://t.co/0wRYV9msqw pic.twitter.com/XmkkH9VcxDI got some snap reactions from Tories on #Carney's decision to stay. It turns out they're not all thrilled... https://t.co/0wRYV9msqw pic.twitter.com/XmkkH9VcxD
7.39pm GMT7.39pm GMT
19:3919:39
Duncan Weldon, head of research at Resolution Group, suggests Mark Carney has played the game rather well....Duncan Weldon, head of research at Resolution Group, suggests Mark Carney has played the game rather well....
A cynic might suggest Carney has just extended his effective term and made himself immune to political criticism.A cynic might suggest Carney has just extended his effective term and made himself immune to political criticism.
7.33pm GMT7.33pm GMT
19:3319:33
Adam Marshall, Director General of the British Chambers of Commerce (BCC), is pleased that Mark Carney has decided his future.Adam Marshall, Director General of the British Chambers of Commerce (BCC), is pleased that Mark Carney has decided his future.
But he’s also concerned that his replacement (whoever she or he is) will take over at a critical time:But he’s also concerned that his replacement (whoever she or he is) will take over at a critical time:
”Businesses want stability at a time of economic change, particularly at key institutions like the Bank of England.”Businesses want stability at a time of economic change, particularly at key institutions like the Bank of England.
Firms will be reassured that the recent speculation over the timing and nature of Mark Carney’s departure has been put to rest. However, the Governor will still be leaving at a sensitive time for the economy - so businesses will want to see a clear and ordered transition plan.”Firms will be reassured that the recent speculation over the timing and nature of Mark Carney’s departure has been put to rest. However, the Governor will still be leaving at a sensitive time for the economy - so businesses will want to see a clear and ordered transition plan.”
7.18pm GMT7.18pm GMT
19:1819:18
An interesting reaction from Rupert Harrison of BlackRock, the asset manager.An interesting reaction from Rupert Harrison of BlackRock, the asset manager.
In classic Carney style, by choosing 6 years he has managed to ensure that he was right and everyone else was wrongIn classic Carney style, by choosing 6 years he has managed to ensure that he was right and everyone else was wrong
Harrison is a former advisor to George Osborne, who appointed Carney in the first place.Harrison is a former advisor to George Osborne, who appointed Carney in the first place.
7.09pm GMT7.09pm GMT
19:0919:09
May: Carney's decision is good news for UKMay: Carney's decision is good news for UK
British prime minister Theresa May has welcomes Mark Carney’s decision to extend his term at the Bank of England by one year.British prime minister Theresa May has welcomes Mark Carney’s decision to extend his term at the Bank of England by one year.
May’s spokeswoman says (via Reuters).May’s spokeswoman says (via Reuters).
“The prime minister welcomes the governor’s decision to stay on beyond his initial five-year term.“The prime minister welcomes the governor’s decision to stay on beyond his initial five-year term.
This is good news for the UK. It will provide continuity and stability at the Bank of England as we negotiate our exit from the European Union and look to take advantage of the opportunities that Brexit will present.”This is good news for the UK. It will provide continuity and stability at the Bank of England as we negotiate our exit from the European Union and look to take advantage of the opportunities that Brexit will present.”
However, there’s no word on whether May would rather Carney had stayed until 2021.However, there’s no word on whether May would rather Carney had stayed until 2021.
UpdatedUpdated
at 7.10pm GMTat 7.10pm GMT
7.05pm GMT7.05pm GMT
19:0519:05
Zing!Zing!
Congratulations to Mark Carney for finally delivering a piece of forward guidance that the markets can understand.Congratulations to Mark Carney for finally delivering a piece of forward guidance that the markets can understand.
7.04pm GMT7.04pm GMT
19:0419:04
Tyrie: Carney has a lot of explaining to do....Tyrie: Carney has a lot of explaining to do....
Andrew Tyrie, the influential chair of parliament’s Treasury Committee, is determined to find out why Mark Carney is only going to serve a six year term.Andrew Tyrie, the influential chair of parliament’s Treasury Committee, is determined to find out why Mark Carney is only going to serve a six year term.
And he’s promising to ask the governor a lot of searching questions when they next face each other....And he’s promising to ask the governor a lot of searching questions when they next face each other....
The much needed clarification is welcome. The less uncertainty the better. Still, the Treasury Committee concluded in November 2011 that a non-renewable term of 8 years for the post of Governor was appropriate. The Government agreed, and changed the law in the Financial Services Act 2012, in line with the recommendation.The much needed clarification is welcome. The less uncertainty the better. Still, the Treasury Committee concluded in November 2011 that a non-renewable term of 8 years for the post of Governor was appropriate. The Government agreed, and changed the law in the Financial Services Act 2012, in line with the recommendation.
In making this announcement, the Government and the Governor are sticking neither to the timetable set out in the exchange of letters, nor returning to the statute. More uncertainty needs to be avoided. So the decision requires a good deal of examination and explanation, which the Committee will seek when it next sees the Governor in a fortnight.In making this announcement, the Government and the Governor are sticking neither to the timetable set out in the exchange of letters, nor returning to the statute. More uncertainty needs to be avoided. So the decision requires a good deal of examination and explanation, which the Committee will seek when it next sees the Governor in a fortnight.
UpdatedUpdated
at 7.05pm GMTat 7.05pm GMT
6.59pm GMT6.59pm GMT
18:5918:59
The CBI’s principal economist, Alpesh Paleja, says Carney has given us a Halloween treat:The CBI’s principal economist, Alpesh Paleja, says Carney has given us a Halloween treat:
Trick or treat? Mark #Carney to stay on until June 2019 (it's a treat, in case you're wondering).Trick or treat? Mark #Carney to stay on until June 2019 (it's a treat, in case you're wondering).
6.57pm GMT6.57pm GMT
18:5718:57
Sorrell: Carney may be hurt by unjustified criticismSorrell: Carney may be hurt by unjustified criticism
Sir Martin Sorrell, head of advertising giant WPP, is disappointed that Carney won’t stay on until 2021.Sir Martin Sorrell, head of advertising giant WPP, is disappointed that Carney won’t stay on until 2021.
Sorrell told Sky News that “one year is better than nothing... but it’s disappointing that he won’t serve its full term.”Sorrell told Sky News that “one year is better than nothing... but it’s disappointing that he won’t serve its full term.”
“Maybe he was a little bit bruised by the criticism, I think unjustified criticism, that he’s been subjected to,” Sorrell said.“Maybe he was a little bit bruised by the criticism, I think unjustified criticism, that he’s been subjected to,” Sorrell said.
Sorrell also warned that it will be “touch and go” as to whether the UK has finished the Brexit negotiations by June 2019.Sorrell also warned that it will be “touch and go” as to whether the UK has finished the Brexit negotiations by June 2019.
UpdatedUpdated
at 7.02pm GMTat 7.02pm GMT
6.44pm GMT6.44pm GMT
18:4418:44
Chris Chapman, a London-based trader at Manulife Asset Management, has told Bloomberg that the City ought to welcome Carney’s decision:Chris Chapman, a London-based trader at Manulife Asset Management, has told Bloomberg that the City ought to welcome Carney’s decision:
“Carney is a respected central banker and overall I’d say that him staying with the BOE until 2019 would be seen as a positive for the country, but again, near term there are so many other factors weighing on the pound.“Carney is a respected central banker and overall I’d say that him staying with the BOE until 2019 would be seen as a positive for the country, but again, near term there are so many other factors weighing on the pound.
Pound Stays Higher as Carney Says He’ll Remain at BOE Until 2019 https://t.co/PLegImIE2m via @anoojad @worrachate pic.twitter.com/4A71rZxM07Pound Stays Higher as Carney Says He’ll Remain at BOE Until 2019 https://t.co/PLegImIE2m via @anoojad @worrachate pic.twitter.com/4A71rZxM07
6.37pm GMT6.37pm GMT
18:3718:37
Grant Lewis, head of research at Daiwa Capital Markets, tweets that Mark Carney is doing Britain a favour:Grant Lewis, head of research at Daiwa Capital Markets, tweets that Mark Carney is doing Britain a favour:
Feels like Carney has been persuaded to do a favour for his Queen and someone else's countryFeels like Carney has been persuaded to do a favour for his Queen and someone else's country
While James Mackintosh of the Wall Street Journal says Carney’s departure is well-timed.While James Mackintosh of the Wall Street Journal says Carney’s departure is well-timed.
Carney smart. He's leaving in 2019, before Brexit actually takes effect. He's cleaned up one too many crises already.Carney smart. He's leaving in 2019, before Brexit actually takes effect. He's cleaned up one too many crises already.