Mark Carney will lead Bank of England through Brexit

Bank of England Governor Mark Carney

"I can tell the House today that the governor has agreed, despite various personal pressures to conclude his term in June, that he will continue until the end of January 2020 in order to help support continuity in our economy during this period".

Mr Hammond wrote to Mr Carney: "An extension of your term would ensure there is continuity at the Bank during this exceptional period and would also allow for a new Governor to be appointed during the Autumn next year after the terms of the UK's withdrawal and the framework for the future partnership have been finalised".

Sir Jon Cunliffe, the deputy governor with responsibility for financial stability, has also been re-appointed, it added.

It also means he'll be available for longer should talks with the European Union fail and force a so-called hard Brexit in March 2019.

"Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".

'I deeply appreciate your support and that of the Prime Minister.

Concerns have grown over recent months that the United Kingdom and European Union are potentially headed for a "no deal" Brexit which could well induce further significant market stresses, of which Sterling would likely bear the brunt.

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'They used to throw brick bats at Mark Carney about Project Fear but now it's Project Near'. The sooner the Government provides clarity, the better.

Carney's credentials in providing stable leadership during the tumultuous market conditions that followed the shock Brexit vote confirm him as a steady hand at the tiller in times of stress.

The extension isn't the first of Carney's tenure at Threadneedle Street.

He told MPs: 'It's likely that the real income squeeze will return for households across the country'.

The Bank of England said Tuesday that Carney would stay as governor until January 2020.

The announcement of Carney's appointment in 2012 came as a surprise, as Mr Carney had previously denied interest in the role.

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