Mark Carney will lead Bank of England through Brexit

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Bank of England chief Mark Carney will serve an additional seven months as governor, staying until the end of January 2020 to help support the Brexit transition, the government and the central bank said Tuesday.

The chancellor of the exchequer Phillip Hammond has requested that Carney remain for an extended period, which the Governor agreed to in a letter of acceptance.

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He'll now remain in office until the end of January 2020, roughly halfway through a period meant to smooth the U.K.'s withdrawal from the European Union.

Hammond said Carney would provide "vital stability" for Britain's economy during the Brexit transition and the extension was also welcomed by Nicky Morgan, the chair of the parliament committee which monitors the BoE and the finance ministry.

Mark Carney is sticking around for Brexit.

Sir Jon Cunliffe, the deputy governor with responsibility for financial stability, has also been re-appointed, it added.

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"I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit", said Carney in accepting the offer.

Nigel Farage wasn't happy with the announcement that the Governor of the Bank of England is staying on until 2020.

Hammond had earlier said that Carney would stay on as governor of the central bank until the end of January 2020 to help navigate the turbulence of Brexit, with Britain due to depart the bloc in March 2019.

The extension isn't the first of Carney's tenure at Threadneedle Street.

Should Brexit go smoothly and United Kingdom economic activity pick up steam in 2019 a Carney-led Bank of England would nearly certainly accelerate the pace of interest rate rises as per recent guidance.

He had originally only meant to remain for five years after joining in 2013, but announced plans to stay an extra year four months after the Brexit Referendum in June 2016.

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