LONDON (Reuters) - Bank of England governor Mark Carney would have been poorly placed to handle the fallout from a no-deal Brexit had he left the role in June next year as previously planned, Britain’s finance minister Philip Hammond said on Tuesday.
Hammond had earlier said that Carney would stay on as governor of the central bank until the end of January 2020 to help navigate the turbulence of Brexit, with Britain due to depart the bloc in March 2019.
“If we leave the European Union without a deal... we could expect a period when there would be some turbulence and when there would be some issues arising for financial services businesses,” Carney told lawmakers in Britain’s upper house of parliament.
“A governor who was leaving at the end of June, with his bags already packed, would be in a poor position to represent the UK in what might be some quite critical - and time critical - negotiations over that period.”
Reporting by David Milliken and Andy Bruce, writing by Alistair Smout