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Report: UK on track to name next BoE chief in autumn, Chancellor Javid says


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Report: UK on track to name next BoE chief in autumn, Chancellor Javid says

The U.K.'s plans to appoint the next Bank of England head in the autumn are on track, Bloomberg News reported, citing Chancellor of the Exchequer Sajid Javid.

Current BoE Governor Mark Carney has already extended his term twice to support a smooth Brexit and is set to step down at the end of January 2020.

Speaking to reporters, Javid said he is looking for someone who values the independence of the central bank and the search is going "very smoothly," with an announcement expected in the autumn, Bloomberg wrote.

Carney has faced criticism over what pro-Brexit politicians see as increased involvement in the political debate.

The comments come amid reports that Carney's term could be extended again if the U.K. does not leave the EU as scheduled on Oct. 31.

The U.K. and EU reached a Brexit deal Oct. 17, though Prime Minister Boris Johnson needs the support of the Northern Ireland's Democratic Unionist Party, which props up his minority government, to get it approved in Parliament. The DUP has so far refused to back the customs and consent proposals laid out by the U.K. government as part of its Brexit offer, increasing the prospects of an extension.

The next U.K. budget is due to be presented Nov. 6, with Javid expected to announce a plan to borrow and invest in infrastructure, taking advantage of low interest rates on government borrowing.