BANKof England Governor Mark Carney is stepping down after taking over in 2013.
Who is he and who is taking over for him? Here’s what we know.
Who is Mark Carney?
Mark Joseph Carney was born on March 16, 1965, inCanada.
He studied at Harvard University where he graduated with highhonours in Economics before completing his masters and doctoral degrees in the same field at St Peter’s College, Oxford.
It would be the start of a long career in the world of finance after landing his first job in Goldman Sachs where he spent 13 years working at its offices inLondon, Tokyo, New York and Toronto.
He left on a 1million salary and was dubbed a “rock star banker” for his skill in keeping the economy growing in Canada when he was Governor of its national bank during the recession.
How did he become the Bank of England Governor and when is he leaving?
Mr Carney took over as Governor of the Bank of England in July 2013.
He is the first non-Briton to be given the job since the Bank was created in 1694.
It followed asuccessful stint as Canada’s central banker where he was praised for helping his country to avoid some of the worst effects of the 2008 financial crisis.
He agreed to take on the Bank of England post for five years with the option to continue for the full eight-year term, but insteadopted to leave in 2019 just as Britain officially leaves the EU.
On December 20, it was announced Andrew Bailey would take over as the new Bank of England governor.
Mr Bailey, 60, will take over on March 16 for eight years.
What is Mark Carney’s stance on Brexit?
During the EU referendum in 2016 Mr Carney was slammed by some Brexit campaigners for saying that voting to leave the European Union would force the UK into a recession.
Many believed this was a step too far for a governor with a non-political remit.
He defended his actions, saying:“We have a responsibility to discharge our remit and we have a wider responsibility to the British people, who don’t want risks kept from them.”
Followingthe UK’s Brexit vote, the Bank slashed interest rates to 0.25 per cent.
When questioned by MPs about how he handled the aftermath of the vote, Mr Carney said the historic low-cut of interest rateshelped support house prices and the wider economy.
He took a swipe at Prime Minister Theresa Mayby saying he refused to take instruction from politicians – after shesaid the rich had got richer while the poor had been squeezed.
How much money did Mr Carney make as Governor?
The latest accounts from the Bank of England shows that Mr Carney earned 879,000 last year.
This includes a 480,000 salary, 252,000 in taxable benefits, and 5,000-a-week housing allowance.
In the same time period, the British Prime Minister was paid a salary of 144,000.
What does the future hold for Mr Carney?
Bank of England Governors traditionally serve eight year terms but Mr Carney originally intended to serve only until January 2019.
That would have left him in the hot seat for just three months after Britain formally leaves the European Union in March, leaving a newcomer to navigate the aftermath of the divorce.
But it has now been announced that he will serve until January 202o.
It’s believed Mr Carney refused to sign an eight-year contract because ofhis childrens education and that he had his eye on Canadian politics.
