Carney reiterates June 2019 departure from Bank of England

The central bank governor had planned to leave in 2018 after five years but agreed last month to stay an extra year following June’s referendum on exiting the EU.

He said on November 15 that his decision was driven by “a sense of responsibility” to see the economy through to formal withdrawal.

Prime Minister Theresa May has said she intends to start the clock ticking on two years of exit talks by the end of March, but some analysts say concluding such a complex deal could take longer. EU treaties allow a longer period of talks provided all member states agree.

Carney said he did not wish to speculate on whether talks would take longer than two years but stressed he has no plans to further extend his term.

Separately on November 15, Carney said that Britain’s financial sector would benefit from a period of transition between Britain’s formal exit from the EU and the adoption of a new trading relationship with the bloc.

Carney said that big financial reforms or new trade deals usually take several years to fully implement and that it would be “in the interests” of the financial sector if the UK and the EU agreed a transition period following two years of exit talks, scheduled to begin by the end of March.

• This article also appeared on WSJ City, a made-for-mobile app that combines the best of the Wall Street Journal and Financial News, tailored for an audience in the City of London. Download here

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