Carney to decide on BoE term by end of year

Bank of England Governor Mark Carney will decide by the end of the year whether he plans to stay on as chief of the central bank for a full eight-year term rather than the five years agreed when he was appointed.

In response to questions from MP Andrew Tyrie of the Treasury Select Committee, Carney said he would “need to make a determination by the end of the year”.

“We’re making progress but there’s a lot more to be done,” added Carney, who was appearing before the committee to discuss financial stability.

Canadian Carney succeeded Sir Mervyn King as governor of the BoE in July 2013, having previously worked at Goldman Sachs and held the position of governor of the Bank of Canada.

If Carney stays on until 2021 that would also be the year when the managing directorship of the International Monetary Fund next becomes vacant after the five-year term starting in July.