Mark Carney to stay on at Bank of England as governor until end of June 2019

European bourses come under pressure

Pound posts worst monthly performance since Brexit vote

Theresa May believes Mark Carney is 'absolutely' the best may for the job

Pound hits intraday high as Carney extends term at BoE

Mark Carney reveals he will stay as Governor of Bank of England for just one extra year - until June 2019

Mark Carney to stay on as Bank of England governor until end of June 2019

Mark Carney has revealed that he will stay on as Governor of the Bank of England for one extra year until June 2019 - just three months after the UK is expected to leave the European Union.

In a letter to the Chancellor, Philip Hammond, Mr Carney said that he would like to extend his current five year term, due to end in June 2018, by one further year.

"By taking my term in office beyond the expected period of the Article 50 process, this should help contribute to securing an orderly transition to the UK's new relationship with Europe," Mr Carney wrote.

In response, Mr Hammond thanked Mr Carney for his service to date, and praised him for continuing his "highly effective leadership of the Bank through a critical period for the British economy as we negotiate our exit from the European Union."

The announcement ends days of speculation as to the future tenure of the Governor, following questions around his alleged allegiance to George Osborne, Mr Hammond's predecessor, and the 'Remain' campaign in the EU referendum.

(Report from Tim Wallace - read more here)

Pound becomes world's worst-performing currency this month as 'hard Brexit' fears spook currency markets

The pound has claimed the unwanted accolade of world's worst performing currency this month, lagging behind around 150 of its peers, as 'hard Brexit' fears spooked currency markets in October.

It is on track for its six month of consecutive losses against the dollar, and it is poised for its worst month since the EU referendum.

The pound has fallen 6.2pc this month, and having fallen every month since April, it currently is the worst-performing major currency this year, having dropped by almost 18pc.

Following the announcement that Mark Carney had extended his term as Bank of England governor, the pound hit an intraday high of $1.2240.