Canadian Mark Carney has agreed to remain as Governor of the Bank of England until January 2020 in order to shepherd the British economy through the initial stages of its exit from the European Union (E.U.).
Carney said in a letter to Hammond: "I recognise that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit".
British media had previously reported the finance ministry was keen for Carney to extend his stay and was having difficulty finding a suitable successor.
Carney focused heavily on minimising financial market turmoil in the run-up to June 2016's European Union referendum and has warned since of the costs of a disorderly Brexit, drawing fire from Brexit supporters.
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The team looks very balanced and it's going to be very tough for Tottenham, despite home advantage. Tottenham were disappointing at Watford last time out, losing to two set piece goals .
During a meeting with the Treasury Select Committee (TSC) on Tuesday, Carney confirmed he has been in discussions with Chancellor Philip Hammond about extending his term, however, he noted the decision rested with the government.
"I deeply appreciate your support and that of the prime minister".
Nigel Farage wasn't happy with the announcement that the Governor of the Bank of England is staying on until 2020.
"A governor who was leaving at the end of June, with his bags already packed, would be in a poor position to represent the United Kingdom in what might be some quite critical - and time critical - negotiations over that period". Following Britain's Brexit vote, he agreed to remain in place an additional year to the end of June.