Virgin Money’s chief executive has called on Mark Carney’s critics to let him get on with his job following his clarification of his departure date from the Bank of England.

Jayne-Anne Gadhia said the Bank’s governor had helped soothe fears about Brexit immediately after the EU referendum and that his decision to stay in the job until June 2019 would help bring stability.



She said the economy’s resilience in the months since the vote was in part due to Carney’s interventions, which included cutting interest rates, to shore up confidence.

Gadhia said: “Thank goodness for that would be my comment. When I think back to 24 June when an awful lot of people wondered who was leading the country I was pretty relieved when Mark Carney stepped up and was sensible. We need stability going forward.”

Carney’s future became the subject of intense speculation after a string of attacks on him by senior Conservatives, including calls for him to resign. The Canadian had planned to leave the Bank in June 2018 after five years but on Monday he agreed to stay an extra year to see the UK through the process of leaving the EU.

Brexit campaigners criticised Carney during the referendum campaign for predicting a vote for Brexit would be bad for the economy. Since the vote, Conservatives have accused him of talking down the economy and others, including Theresa May, have criticised the harmful effects of low interest rates on savers.

Gadhia said criticism came with the job of Bank governor but she said with his future settled and with uncertain times ahead for the economy Carney should be left to concentrate on helping steer Britain through Brexit.

“How difficult to have a job where we are all able to comment. When you take on a big role like that you have to be a public figure and expect to have public comment. I don’t criticise people for making the comments they have made. I do think now he is here we should let him get on with his job. Hopefully that will add to the stability of the country.”



Gadhia made her comments as Virgin Money announced steady trading for the first nine months of the year. Gross mortgage lending increased 19% to £6.5bn from a year earlier and credit card balances rose 14% to £28.9bn from the end of December as deposits increased 12% to £28.3bn.

Virgin Money, backed by Sir Richard Branson, tightened its credit card lending after the referendum because of concerns about the economy, slowing lending growth in the third quarter.

Gadhia, who like Branson wanted Britain to stay in the EU, said she had seen no change in customers’ behaviour since the referendum and that the economy had performed better than she expected.

“That gives us an optimistic view of the future. It’s tempered by some caution, not because we see an economic downturn necessarily … but because the future is uncertain. Everybody needs to look forward with some caution.”