Saturday 29 October 2016 12:00 pm

Mark Carney looks set to leave the Bank of England in 2018

Bank of England governor Mark Carney is unlikely to take up the three-year extension option on his term at the central bank. He could announce the decision as soon as Thursday.

According to The Times, senior City figures who know the governor said they believed it was more likely than not he would choose to return to Canada in 2018. His family's feelings were a particular concern. At the same time, any suggestion he would leave before 2018 was strongly rejected.

The Bank of England declined to comment, referring to Carney's previous statements on the topic.

Read more: Mark Carney says political attacks on Bank of England knock the pound

Last week, the Bank's governor said he would not be told what to do by politicians.

Speaking shortly after Theresa May questioned the impact of quantitative easing policies, Carney said: "We are not going to take instruction on our policies from the political side."

Reuters also quoted him saying: “Politicians have done a very good job of setting up the system… Where it can be difficult sometimes is if there are political comments on our policies as opposed to political comments on our objectives.

"The objectives are what are set by the politicians, the policies are done by technocrats.”

He was speaking at a public meeting in Birmingham.

And on Tuesday, Carney said his decision on whether he'd stay put would be based on personal rather than political considerations and he'd need some time to make up his mind.

Before he took up the role, Carney said he only intended to serve five of the eight-year term to minimise his family's time away from their native Canada. At the end of last year, he did say he was contemplating staying longer though.

Read more: Downing Street is playing down talk of tension with Mark Carney

He came under fire from some Brexit supporters in the run-up to the referendum, for assuming too negative a stance. Nigel Farage had questioned whether Carney should be allowed to remain in his position, accusing him of not behaving in an "independent manner".

In the wake of the vote however, Carney was praised for his response; making no fewer than three set-piece interventions as a political crisis engulfed Westminster.

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