Bank of England Governor Mark Carney said Monday he will extend his term at the central bank until 2019, ending weeks of speculation that he may opt for an early departure in the wake of Britain's decision to leave the European Union.
Carney, a Canadian citizen, was recruited to the post for a five-year term by then finance minister George Osborne. He had the option of staying for a further three years, but chose instead to leave at the end of June 2019. He took the job in July 2013.
"I would be honoured to extend my time of service as governor for an additional year to the end of June 2019," Carney said in a statement posted on the bank's website. "By taking my term in office beyond the expected period of the Article 50 process, this should help contribute to securing an orderly transition to the U.K.'s new relationship with Europe."
Carney's departure in June 2019 will occur after the U.K. has officially left the E.U., if Prime Minister Theresa May is able to launch the two-year exit process, as promised, at the end of March.
May expressed her full support for Carney's tenure earlier Monday, but has in the past insisted that the "negative side effects" of certain BoE policies, such as quantitative easing, should be acknowledged.
Carney faced criticism from conservative U.K. lawmakers for his comments and actions before and after the June 23 Brexit vote, with some, including Treasury Select Committee member Jacob Rees-Mogg, accusing Carney of "politicizing" the office by "talking down" the U.K. economy.