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Mark Carney named new Bank of England governor

  • UK Chancellor George Osborne named Mark Carney as the new governor of the Bank of England on Monday.

    Carney, the governor of the Canadian central bank, is to serve for five years and will hold new regulatory powers over banks.

    He was a surprise choice for the head of the British central bank and had earlier ruled himself out.

    Current governor Sir Mervyn King will step down from the post next June.

    Osborne told Parliament that Carney, 47, would bring the "strong leadership and external experience the Bank needs", adding that the Canadian would apply for British citizenship.

    During Carney's five years as governor in Canada, Osborne said he was "acknowledged to have weathered the economic storm better than any other major Western economy".

    Other candidates for the job included the Bank’s deputy governor Paul Tucker, Britain’s Financial Services Authority (FSA) chairman Lord Turner, Sir John Vickers, who led the government's recent review into breaking up the banks and Santander bank's UK chairman Lord Burns.