Business applauds Carney appointment

BUSINESS leaders have welcomed the appointment of Canadian central banker Mark Carney to replace Sir Mervyn King at the head of the Bank of England.

Mr Carney, currently in charge at the Bank of Canada, will take over the role when Sir Mervyn steps down next June.

Simon Walker, director general of the Institute of Directors, said: “Mark Carney’s appointment is a welcome injection of international talent into the Bank of England.

“The UK operates in global markets, and faces global challenges, so it’s encouraging to see that the search for the new Governor has extended to the global talent pool. Britain benefits when we open our doors to the brightest and best the world has to offer.”
 
Katja Hall, chief policy director at the CBI, said: “We welcome Mr Carney’s appointment to be the next Governor of the Bank of England.

“His strong track record as the Canadian central bank Governor and extensive experience in international financial regulation mean that he is well positioned to guide Britain through challenging economic times.

“We look forward to working with and supporting him in his new role.”
 
Mr Carney’s appointment came as a surprise after he appeared to rule himself out of the running earlier in the year but Chancellor George Osborne insisted he was “the best, most experienced and most qualified person in the world to do the job.”

The 47-year-old spent 13 years at Goldman Sachs and has held his current role since 2008.

He 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.”