Carney is new Bank of England governor

MARK Carney has been named as the next governor of the Bank of England.

Mr Carney, the eighth and current governor of the Bank of Canada, will take over the role when Sir Mervyn King steps down next June.

His appointment, announced by Chancellor George Osborne to the House of Commons yesterday, confounded those backing the bookies’ favourite, Sir Mervyn’s current deputy Paul Tucker.

The new governor will serve a single five year term and was appointed after a process which saw the role openly advertised for the first time.

Mr Osborne described Mr Carney, 47, as “the outstanding banker of his generation”.

He added: “Mark Carney is the outstanding candidate to be governor of the Bank of England and help steer Britain through these difficult economic times. He is quite simply the best, most experienced and most qualified person in the world to do the job.

“He has done a brilliant job for the Canadian economy as its central bank governor, avoiding big bail outs and securing growth. He has been chosen by the rest of the world to be the chair of the international body, the Financial Stability Board, charged with strengthening global financial regulation after the financial crisis.

“Mark Carney is the perfect candidate to take charge of the Bank as it takes on these vital new responsibilities. He will bring strong leadership and a fresh new perspective.”

Carney said: “I am honoured to accept this important and demanding role, and to succeed Sir Mervyn King with whom I have worked closely over these past five years and from whom I learned so much.

“This is a critical time for the British, European and global economies; a decisive period for reform of the global financial system including its leading financial centre, the City of London; and a crucial point in the Bank of England’s history as it accepts vital new responsibilities.

“It has been a privilege to serve as the eighth governor of the Bank of Canada.  I am proud of the Bank’s contribution to the resilience of the Canadian economy throughout an unprecedented period of global turmoil.”