View more on these topics

Govt denies asking Carney to stay longer as Bank head

Mark-Carney-with-bank-note-in-background-700.jpgThe Treasury has denied  reports that it “quietly approached” Bank of England Governor Mark Carney asking him to stay in the role for an extra year after his scheduled departure in June 2019, Reuters reports.

Carney’s tenure as the Bank’s chief is already longer than expected.

When Carney took over the role in 2013, he agreed to stay for five years rather than accepting a usual eight-year term. In the wake of Brexit referendum and the uncertainty that it had inspired, Carney agreed to stay another year – until June 30, 2019.

Earlier today, the Evening Standard reported that by asking Carney to extend his term, the government sought to provide “continuity during the turbulence of Brexit.”

The Evening Standard says it understands the Treasury is finding it hard to find a suitably strong replacement for Carney.

A Treasury spokeswoman denied this, however.

According to Reuters, the most tipped person to replace Carney is the current head of FCA Andrew Bailey.

Bank of England’s Andrew Bailey named new FCA chief exec

The Evening Standard says Carney’s extended term would be welcomed by the City, but less so by Brexiteers.

Hermes Investment Management senior economist Silvia Dall’Angelo says the extension for Carney would be positive.

Dall’Angelo says: “It would be ideal if Carney decided to remain at the helm of the Bank of England for longer. It would provide continuity in the approach to monetary policy, shoring up business and consumer sentiment during the Brexit process and potentially allowing for a smoother transition.”

She argues that an offer to prolong the term might not be tempting for Carney himself, however.

Dall’Angelo adds: “It is unclear whether the rock star governor is willing to accept what looks like looks like an unpalatable offer. For a start, he was the one who decided after the Brexit vote to bring forward the end of his term to June 2019 from the [usual] 2021 expiry.

“Moreover, as the chances of a hard Brexit are ‘uncomfortably high’, risks that his otherwise stellar reputation gets smeared in a potentially disruptive process, are also elevated.”

Recommended

Family - thumbnail

Case study: Gifting rules under lasting power of attorney

Paul has been appointed as the attorney for his father Jack. The lasting power of attorney was created several years ago but it has never been used. Jack can no longer make decisions for himself and therefore it is now up to Paul to make these decisions on his behalf. Paul’s younger brother Wayne is […]

Quilter lures back director after 11 months at SEI

SEI head of sales Andrew Vickers has left his role to return to Old Mutual Wealth, now called Quilter, after 11 months with the wealth manager. Vickers joins Quilter’s platform distribution team as senior manager of business development and will report to UK distribution managing director Scott Goodsir. Vickers joined SEI in August last year […]

Wonga

Wonga — a recent history of the payday lender

A look back at some of the recent turbulent history of payday loan company Wonga. What is Wonga? Wonga is a UK payday loan company offering short-term loans to its customers at high interest rates. It was originally founded by Errol Damelin, a South African entrepreneur, in October 2006. Wonga is authorised and regulated by […]

Royal London to compensate over exit charges bungle

Royal London must pay compensation to a client who was given incorrect information about an exit charge, which resulted in them losing money when consolidating their pensions. In a Financial Ombudsman Service decision, Mr F holds a pension plan with Royal London and says he contacted the firm in January 2017 to ask for details […]

Pension-pot-700.jpg

Lifetime allowance

Jim Grant, Senior Product Insight & Technical Support Analyst Benefit crystallisation events and the lifetime allowance charge – all you need to know. The lifetime allowance (LTA) is the maximum amount that can be crystallised before a charge applies. It used to be £1.8m but it’s steadily decreased to £1m. There’s a whole list of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com