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In his letter, the Chancellor said:
“Further to our discussions and those that I have had with the Prime Minister, I am writing to ask whether you would be able to extend your term as Governor of the Bank of England to January 2020 to support a smooth exit of the United Kingdom from the European Union and an effective transition to the next Governor.”
In his reply, the Governor said:
“I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit. 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 and I can confirm that I would be honoured to extend my term to January 2020.”
HM Treasury has also announced that Jon Cunliffe has been reappointed as Deputy Governor for Financial Stability for a second five-year term.
Jon Cunliffe said: “I look forward to continuing to work with Mark and all Bank colleagues to deliver our important mission over the coming years.”