Bank of England Governor Mark Carney plans to serve an extra year as head of the British central bank, in a surprise compromise meant to allow him to steer the UK’s economy beyond its exit from the European Union.

In a letter to Treasury chief Philip Hammond on October 31, Carney said that he would be "honoured" to serve as governor until June 2019 - a year longer than he initially pledged to remain as central bank governor but still two years short of a full eight-year term.