Bank of England chief to stay until after Britain's exit from EU

The governor of the Bank of England, Canadian Mark Carney, said Monday night he would stay in his job beyond the expected exit of Britain from the European Union(EU).

But he will be quitting his role as governor of the bank two years earlier than the usual eight-year term.

Carney was appointed to the job at the end of 2012, which would have taken him to 2021. At the time he was offered the job, he had signaled his intention to serve for just five years for family reasons.

In a letter to Chancellor of the Exchequer Philip Hammond, Carney, announcing his term would end June 2019, said: "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 UK's new relationship with Europe."

"I look forward to continuing to promote the good of the people of the United Kingdom during this crucial time for the country," he added.

He said his personal situation had not changed, but other circumstances had changed, notably Britain's decision to leave the EU. His decision to stay beyond his intended five-year term recognizes, said Carney, the importance to Britain of continuity during the Article 50 negotiations that will lead to Brexit.

Prime Minister May has said she will trigger the Article 50 process by the end of next March, meaning Britain will possibly leave the EU by March 2019. Endit