Carney: Decision on whether to stay at BoE will be ‘entirely personal’

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Bank of England governor Mark Carney chuckled when asked at a House of Lords committee whether he intends to remain in his post for his full eight-year term, replying that his decision, which is due by Christmas, will be “entirely personal”.

Speculation has been rife about whether the governor will stay in his post until 2021 following a series of recent critical comments about the negative impact of low interest rates and quantitative easing – particularly on savers – from parliamentarians, write Katie Martin and Gemma Tetlow.

Mr Carney is due to make an announcement before the end of the year but told the House of Lords economic affairs panel that he wants to “find some time to reflect on” the decision. Adding that it “is a role that requires total attention, devotion…I intend to give it for as long as I can”.

Playing down suggestions that recent comments, including from the Prime Minister, had undermined the independence of the Bank, he said “no-one should read anything into that decision in terms of government policy, actual imagined, potential, past”.

He said:

To be clear, it’s an entirely personal decision and no-one should read anything into that decision in terms of government policy. It is a privilege for me to have this role.

Like everyone, I have personal circumstances that I have to manage. This role demands total attention and I intend to give it as long as I can.

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