Everything you need to know about Mark Carney

Governor of the Bank of England Mark Carney is in the headlines this week after making a big statement about his future in the post.

Who is he?

Mark Carney
(Chris Radburn/PA)

Carney is a Canadian economist who has previously worked in banking and as the governor of the Bank of Canada. He is widely credited with helping the Canadian economy withstand the shock of the financial crisis, enabling the country to outperform its G7 peers and become the first to have its growth rate and employment recover to pre-crisis levels.

In 2013 he became the first non-Briton to be appointed Bank of England governor, succeeding Mervyn King.

How did he respond after Brexit?

Mark Carney
(Dylan Martinez/PA)

Carney was widely regarded as a linchpin of stability in the days and weeks following the EU referendum.

His calm and swift action in the immediate aftermath of the vote - in contrast to the imploding Conservative Party, which at one point was close to appointing Andrea Leadsom as its leader - is now lauded by economists for helping Britain grind out growth in the succeeding months.

Why is he in the news?

Mark Carney
(Dominic Lipinski/PA)

Initially Carney said he would serve a five-year term as governor, but in 2015 he opened the door to the possibility of a full eight-year tenure. On Monday, after much speculation, he finally announced his decision.

Despite pro-Brexit campaigners demanding his resignation, Carney pledged to extend his term in office by one year. He will now remain as governor until the end of June 2019, opting against serving the full eight-year term.

What does this mean?

Mark Carney
(Justin Tallis/PA)

It means that Carney will cover the full two-year period of Britain's Brexit negotiations, if Theresa May stands by her pledge to trigger Article 50 by the end of March next year.

Carney said he had taken the decision because he recognised "the importance to the country of continuity during the UK's Article 50 negotiations".

Why has he been criticised?

Mark Carney
(Matt Dunham/AP)

Many pro-Brexit supporters have called for him to step down, complaining that he went too far in warning of the economic dangers of leaving the EU in order to bolster Remain during the referendum campaign.

How have people responded to his decision?

Philip Hammond
(Dominic Lipinski/PA)

Chancellor Philip Hammond said he was "very pleased" with Carney's decision.

"This will enable you to continue your highly effective leadership of the Bank through a critical period for the British economy as we negotiate our exit from the European Union," he added.

Leading pro-Brexit Tory MEP Daniel Hannan warned that if Carney remains in his post he must stop acting like a "rock star".

Theresa May
(Hannah McKay/PA)

Following the announcement, a spokesman at Number 10 said: "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."

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