Carney to stay on at Bank of England

The move means extending Mr Carney’s term by seven months, having previously planned to step down in June 2019.

Mr Hammond told the Commons on Tuesday: “I can now announce to the House that I have been discussing with the Governor his ability to be able to serve a little longer in post in order to ensure continuity through what could be quite a turbulent period for our economy in the early summer of 2019.

“I can tell the House 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 support continuity in our economy.”

It is thought that fears of a no-deal Brexit scenario also increased the need for continuity.