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Mark Carney will remain Bank of England governor until the end of January 2020, Chancellor Philip Hammond has told MPs.

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seven-month extension would "support a smooth exit" from the European Union.

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The extension was agreed in an exchange of letters between the governor and the chancellor published on Wednesday.

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Mark Carney

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in order to promote both a successful Brexit and an effective transition at the Bank of England

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To stay on until January 2020 to "help support continuity in our economy during this period",

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- The extension will give the government more time to recruit his successor

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Sir Jon Cunliffe, Bank of England deputy governor with responsibility for financial stability, has also been re-appointed for a second five-year term that will last until October 2023

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hair of the Bank's Court of Directors, welcomed their decisions to stay on: "Continuity in the outstanding leadership they provide will help the Bank succeed in our crucial work."

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Chair of the Commons Treasury Committee, said the announcement provided "much-needed stability and clarity".

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Shadow chancellor welcomed the move. "I have a good working relationship with Mark Carney. We meet on a regular basis and I have a lot of confidence in him, so I'm pleased this will give us a bit of stability."

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The first non-Briton to be appointed governor in the Bank's 300-year history and had previously run the Bank of Canada for five and a half years from February 2008.

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-In March 2008, just a month after his appointment, Mr Carney cut Canadian interest rates
-Was considered to have boosted investor confidence, enabling Canada to recover more quickly than some other countries.