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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/oct/31/mark-carney-bank-of-england-speculation-eurozone-gdp-business-live
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| Mark Carney meets Theresa May after PM backs Bank of England governor – business live | Mark Carney meets Theresa May after PM backs Bank of England governor – business live |
| (35 minutes later) | |
| 3.41pm GMT | |
| 15:41 | |
| Even the satirists are having their say: | |
| As Michael Gove tells Mark Carney to “curb his arrogance”, Jacob Rees-Mogg says he should cut back on his over-privileged pomposity too. | |
| 3.28pm GMT | |
| 15:28 | |
| Unless we get a late rally tonight, the pound is going to rack up its worst month since June - having dropped by over 6% in October. | |
| Philip Shaw, chief economist at Investec, says the uncertainty over Mark Carney’s future has weighed on sterling. | |
| “The talk of Carney not taking up the extra three years after 2018 has rattled investors in what is a very uncertain outlook. | |
| Until his decision to stay on is formally acknowledged,markets are correct in treating the situation as uncertain.” | |
| 3.07pm GMT | 3.07pm GMT |
| 15:07 | 15:07 |
| Carney also waved what looked like an A4 leather binder towards the press pack as he exited Number 10 a few minutes ago: | Carney also waved what looked like an A4 leather binder towards the press pack as he exited Number 10 a few minutes ago: |
| Updated | Updated |
| at 3.10pm GMT | at 3.10pm GMT |
| 3.00pm GMT | 3.00pm GMT |
| 15:00 | 15:00 |
| Photos: Carney leaves Downing Street | Photos: Carney leaves Downing Street |
| Here you go -- photos of Mark Carney leaving his meeting with Theresa May - with a shy smile for the cameras (but no words, alas) | Here you go -- photos of Mark Carney leaving his meeting with Theresa May - with a shy smile for the cameras (but no words, alas) |
| 2.57pm GMT | 2.57pm GMT |
| 14:57 | 14:57 |
| Mark Carney has just left his meeting with Theresa May, according to Sky’s Ed Conway. | Mark Carney has just left his meeting with Theresa May, according to Sky’s Ed Conway. |
| No news on his future yet, though.... | No news on his future yet, though.... |
| Mark Carney has left Downing St after an hour and 40 minutes. Didn't say anything. Watch this space | Mark Carney has left Downing St after an hour and 40 minutes. Didn't say anything. Watch this space |
| Mark Carney has left the building! No comments to reporters. | Mark Carney has left the building! No comments to reporters. |
| 2.55pm GMT | 2.55pm GMT |
| 14:55 | 14:55 |
| Mark Carney hasn’t been slack at the BoE. Since joining in summer 2013 he’s: | Mark Carney hasn’t been slack at the BoE. Since joining in summer 2013 he’s: |
| Our timeline has the full story: | Our timeline has the full story: |
| Brexit warnings, plastic banknotes and serenity. Mark Carney's time as Bank of England governor – timeline https://t.co/bLAfnS1Ld1 | Brexit warnings, plastic banknotes and serenity. Mark Carney's time as Bank of England governor – timeline https://t.co/bLAfnS1Ld1 |
| 2.41pm GMT | 2.41pm GMT |
| 14:41 | 14:41 |
| Mark Carney has long been rumoured to fancy a career in politics. And recent events suggests he may have a fine grasp of the dark arts of political spin. | Mark Carney has long been rumoured to fancy a career in politics. And recent events suggests he may have a fine grasp of the dark arts of political spin. |
| The Telegraph’s James Kirkup argues that Carney has played a blinder this month, by using the attacks from Brexit supporters to spark a debate about his future. | The Telegraph’s James Kirkup argues that Carney has played a blinder this month, by using the attacks from Brexit supporters to spark a debate about his future. |
| The key to the saga is Carney’s declaration last week that his decision on whether to stay or go in 2018 was “entirely personal”. That sent the hare running.... and it got a second burst of speed when various Carney ‘friends’ suggested he was leaning towards a return to Canada. | The key to the saga is Carney’s declaration last week that his decision on whether to stay or go in 2018 was “entirely personal”. That sent the hare running.... and it got a second burst of speed when various Carney ‘friends’ suggested he was leaning towards a return to Canada. |
| Kirkup explains how Carney outfoxed his detractors within Theresa May’s government: | Kirkup explains how Carney outfoxed his detractors within Theresa May’s government: |
| Before the row over his ideological commitment to Brexit blew up, there was a perfectly respectable question to be asked about Mr Carney’s future based on his competence as a central banker. Some of his policies, especially “forward guidance” about rates, have been less than impressive, leading to confusion instead of the clarity he promised. | Before the row over his ideological commitment to Brexit blew up, there was a perfectly respectable question to be asked about Mr Carney’s future based on his competence as a central banker. Some of his policies, especially “forward guidance” about rates, have been less than impressive, leading to confusion instead of the clarity he promised. |
| But the Carney-bashers have allowed that debate to shift from economics into politics, an arena where Mr Carney does rather well. He understood that Mrs May could not afford to have markets and investors (and even some voters) see Brexit Britain as the sort of country where the central bank governor can be purged for failing to pass a political purity test. | But the Carney-bashers have allowed that debate to shift from economics into politics, an arena where Mr Carney does rather well. He understood that Mrs May could not afford to have markets and investors (and even some voters) see Brexit Britain as the sort of country where the central bank governor can be purged for failing to pass a political purity test. |
| Simply, it might (just) have been viable to let Mr Carney go for being incompetent, but it wasn’t sensible to do so for reasons of politics. The Governor saw that and upped the ante accordingly: he could afford to walk away; could Britain afford to have him go? | Simply, it might (just) have been viable to let Mr Carney go for being incompetent, but it wasn’t sensible to do so for reasons of politics. The Governor saw that and upped the ante accordingly: he could afford to walk away; could Britain afford to have him go? |
| Mark Carney hasn't just played a political game, he's won it hands down https://t.co/DysNcGVOMT via @telegraphnews | Mark Carney hasn't just played a political game, he's won it hands down https://t.co/DysNcGVOMT via @telegraphnews |
| 2.19pm GMT | 2.19pm GMT |
| 14:19 | 14:19 |
| Here’s our latest news story on Mark Carney’s future, by economics editor Larry Elliott: | Here’s our latest news story on Mark Carney’s future, by economics editor Larry Elliott: |
| 2.12pm GMT | 2.12pm GMT |
| 14:12 | 14:12 |
| A quick catch-up | A quick catch-up |
| Right, let’s quickly recap before Mark Carney emerges from his meeting at Number 10 Downing Street. | Right, let’s quickly recap before Mark Carney emerges from his meeting at Number 10 Downing Street. |
| The future of Britain’s central bank chief could be decided soon, following a weekend of speculation that has gripped the City. | The future of Britain’s central bank chief could be decided soon, following a weekend of speculation that has gripped the City. |
| Mark Carney is meeting with Theresa May now, less than a day after the Financial Times reported that he was ready to serve another three years as Bank of England governor. | Mark Carney is meeting with Theresa May now, less than a day after the Financial Times reported that he was ready to serve another three years as Bank of England governor. |
| Theresa May’s spokeswoman has already signalled that the government backs Carney, following several days of criticism from politicians who campaigned for Brexit. | Theresa May’s spokeswoman has already signalled that the government backs Carney, following several days of criticism from politicians who campaigned for Brexit. |
| The spokeswoman said that Carney was “absolutely” the right man to run the BoE, saying: | The spokeswoman said that Carney was “absolutely” the right man to run the BoE, saying: |
| The PM has been clear in her support for the governor, the work he is doing for the country. It is clearly a decision for him, but the PM would certainly be supportive of him going on beyond his five years. | The PM has been clear in her support for the governor, the work he is doing for the country. It is clearly a decision for him, but the PM would certainly be supportive of him going on beyond his five years. |
| The PM has always had a good working relationship with the governor of the Bank of England and intends to continue that. | The PM has always had a good working relationship with the governor of the Bank of England and intends to continue that. |
| As things stand, Carney’s current contract expires in the summer of 2018, but he has the option of a three-year extension. | As things stand, Carney’s current contract expires in the summer of 2018, but he has the option of a three-year extension. |
| A string of City investors and economists have argued that Carney should stay on, to provide stability at this time. | A string of City investors and economists have argued that Carney should stay on, to provide stability at this time. |
| Prominent voices today include Hendrik Du Toit, the chief executive of Investec Asset Management, former BoE policymaker Adam Posen, and Lothar Mentel, CIO of Tatton Investment Management. | Prominent voices today include Hendrik Du Toit, the chief executive of Investec Asset Management, former BoE policymaker Adam Posen, and Lothar Mentel, CIO of Tatton Investment Management. |
| But Carney’s critics insist that the governor’s reputation has been damaged by his comments in the run-up to June’s referendum, and his actions since. | But Carney’s critics insist that the governor’s reputation has been damaged by his comments in the run-up to June’s referendum, and his actions since. |
| Daniel Hannan, the MEP who played a key role making Brexit a reality, said Carney has made mistakes at the Bank - and needed to stop acting like a politician. | Daniel Hannan, the MEP who played a key role making Brexit a reality, said Carney has made mistakes at the Bank - and needed to stop acting like a politician. |
| He told the Today Programme that: | He told the Today Programme that: |
| If he does stay, it’s on the basis that he’s not the rockstar banker who presumes to tell Scotland how to vote, and [instead he] stays narrowly to his brief. | If he does stay, it’s on the basis that he’s not the rockstar banker who presumes to tell Scotland how to vote, and [instead he] stays narrowly to his brief. |
| Two Conservative MPs, Nicholas Soames and Anna Soubry, also publicly backed Carney this morning. | Two Conservative MPs, Nicholas Soames and Anna Soubry, also publicly backed Carney this morning. |
| But the pound remains under pressure, and is now down 0.2% at $1.216. Traders say that the criticism of Carney may have undermined the Bank of England’s independence, even if he does decide to stay on until 2021. | But the pound remains under pressure, and is now down 0.2% at $1.216. Traders say that the criticism of Carney may have undermined the Bank of England’s independence, even if he does decide to stay on until 2021. |
| Updated | Updated |
| at 2.17pm GMT | at 2.17pm GMT |
| 1.53pm GMT | 1.53pm GMT |
| 13:53 | 13:53 |
| Carney arrives for talks with May | Carney arrives for talks with May |
| Mark Carney has arrived at Downing Street, and is meeting with Theresa May right now... just a couple of hours after the PM offered the governor her full support. | Mark Carney has arrived at Downing Street, and is meeting with Theresa May right now... just a couple of hours after the PM offered the governor her full support. |
| Could an announcement on his future come today?.... | Could an announcement on his future come today?.... |
| Governor of the Bank of England Mark Carney arrives at Downing Street to meet the Prime Minister pic.twitter.com/JuqZKBwzyq | Governor of the Bank of England Mark Carney arrives at Downing Street to meet the Prime Minister pic.twitter.com/JuqZKBwzyq |
| 1.31pm GMT | 1.31pm GMT |
| 13:31 | 13:31 |
| This uncertainty over Mark Carney’s future has come at a bad time, says Costas Milas, professor of finance at the University of Liverpool, in a new blog post. | This uncertainty over Mark Carney’s future has come at a bad time, says Costas Milas, professor of finance at the University of Liverpool, in a new blog post. |
| With Britain probably entering a “increasing economic uncertainty”, the governor needs to reassure himself that he has Downing Street’s full support, before deciding whether to extend his tenure until 2012. | With Britain probably entering a “increasing economic uncertainty”, the governor needs to reassure himself that he has Downing Street’s full support, before deciding whether to extend his tenure until 2012. |
| Milas writes: | Milas writes: |
| One of the unwritten rules of football is never substitute a player – let alone your captain – when defending a corner. Indeed, with Brexit headwinds moving fast(?) our way, this is not the time to replace the Governor. | One of the unwritten rules of football is never substitute a player – let alone your captain – when defending a corner. Indeed, with Brexit headwinds moving fast(?) our way, this is not the time to replace the Governor. |
| Mark Carney himself should seek reassurances of no further ‘foul play’ by the government so that he confirms his Governorship until 2021. Unless, of course, government officials have already found a ‘suitable’ replacement. | Mark Carney himself should seek reassurances of no further ‘foul play’ by the government so that he confirms his Governorship until 2021. Unless, of course, government officials have already found a ‘suitable’ replacement. |
| But then again, would another candidate be willing to risk their reputation on such a demanding job knowing, or at least suspecting, that their predecessor decided to step down partly because of rising tensions and/or interference by government officials? | But then again, would another candidate be willing to risk their reputation on such a demanding job knowing, or at least suspecting, that their predecessor decided to step down partly because of rising tensions and/or interference by government officials? |
| Let Mark Carney do his job – why this is not the time to replace the Governor of the Bank of England https://t.co/HxZUJKew85 pic.twitter.com/81nHK0DLPZ | Let Mark Carney do his job – why this is not the time to replace the Governor of the Bank of England https://t.co/HxZUJKew85 pic.twitter.com/81nHK0DLPZ |