BoE: Carney to keep a complicated job until 2019 - HSBC

According to Elizabeth Martins, an economist at HSBC, the decision that took Mark Carney, the governor of the Bank of England, to remain in its position until June 2019, means that  he will be at the helm when the UK leaves the European Union but not for long afterward. 

Key Quotes: 

“Mr. Carney's decision to stay on provides welcome stability through the Article 50 process and the early days of the UK's departure from the EU. But the fact that he chose not to stay for the full eight years may not completely quash speculation over political pressures, even though Mr Carney's letter to the Chancellor clearly states that his decision reflects the same personal circumstances that led him only to want to serve five years in the first place.

“Mr. Carney's job remains a complicated one. The Bank has been criticised by politicians for the imbalances created by its ultra-loose monetary policy, and by the media for what now seem to have been unduly pessimistic forecasts following the referendum (though the Bank's numbers were no lower than those of most other economists, including our own).”

“So Mr Carney and his colleagues will have to steer their way through a highly uncertain time, while retaining their integrity and independence, but also staying on the right side of the government, which ultimately sets the mandate and keeps the Bank independent.”