(VOVworld) - Mark Carney, the Bank of England Governor, said on Monday that he would serve an additional year as head of the central bank until late June, 2019, to secure an orderly transition for the UK’s exit from the European Union.

Mark Carney, the Bank of England Governor (Photo: VNA)

Prime Minister Theresa May is expected to trigger Article 50 of the EU's Lisbon Treaty by the end of March, starting a two-year exit process that would see Britain leave the European Union by early 2019. The extension of Carney’s term will allow him to lead the central bank through full exit negotiations.

Finance Minister Philip Hammond said he was "very pleased" with Carney’s decision to stay until 2019. In his reply to the governor's letter, Hammond wrote that this would enable Carney to continue his highly effective leadership of the bank through a critical period for the British economy as the UK negotiates its exit from the European Union.