Mark Carney, the governor of the Bank of England, has been urged to make a decision on whether he will continue his term at the helm of the central bank beyond his negotiated five-year term.
He told the Treasury select committee on Tuesday morning he would need to decide by the end of 2016 if he was going to ask to stay for a full eight years, and failed to rule out continuing beyond his five-year term, which ends in June 2018.
Andrew Tyrie, the Conservative MP who chairs the committee, told the governor: “The sooner [you are able] to give us the clarity the better.”
Carney was appointed as governor of the Bank of England in November 2012 and was allowed to take the appointment for five years, rather than the more usual eight years.
Carney told MPs it was a “tremendous honour to have this role”.
“It’s an important role … There is a great more to be done,” he said. “I think in fairness I would need to make a determination by the end of the year if I were to request to stay further.”
Carney, a Canadian national, had originally ruled out taking on the role before George Osborne stunned the City of London by announcing the appointment.
