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Canada's Mark Carney to head Bank of England

Monday, Nov 26, 2012 - 01:56

Nov. 26 - Britain has named Canadian central bank chief Mark Carney as the next Bank of England Governor, springing a major surprise by appointing a foreigner to the job. Sonia Legg reports.

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The new governor of the Bank of England will be a Canadian. Mark Carney's appointment came as a surprise to many. But the current Bank of Canada chief says he's "honoured" to accept such a demanding role. (SOUNDBITE) (English): MARK CARNEY, PROSPECTIVE NEW GOVERNOR OF THE BANK OF ENGLAND, SAYING: "There's a lot of work to be done - the five year term is the opportunity to see through the path of that reform - to see through the transition and the rebalancing of the UK economy and also to relaunch the Bank of England with its much expanded and vital responsibilities." Carney - now 47 - took up his current post in the depths of the financial crisis in 2008. He was one of the youngest ever central bank governors and in 2010 was named one of the world's most influential people by Time Magazine. The appointment was announced by the UK's Finance Minister George Osborne. (SOUNDBITE) (English) UK'S FINANCE MINISTER GEORGE OSBORNE, SAYING: "Mark Carney is a quality governor. He is the outstanding central banker of his generation with unparalleled expertise in financial regulation. He will bring a fresh perspective. He's got what it takes to bring British families and businesses through these incredibly challenging economic times." After 13 years with investment banking giant Goldman Sachs he's had to prove his loyalties lie with ordinary citizens. But Investec's Victoria Clarke says he is the man for a difficult job. (SOUNDBITE) (English): VICTORIA CLARKE, INVESTEC, SAYING: "Mark Carney is a very credible central bank governor. He's done a very good job at the bank of Canada. He's very well respected internationally. He's got an excellent back ground, private sector experience as well which is perhaps something that Osborne was key to weigh in there. So it looks like a very high powered appointment but certainly it brings in some of that broader experience that Osborne would have been looking to get." He's likely to need all his skills and experience when he replaces Mervyn King next year. Rarely has the Bank of England faced so many new challenges.

Canada's Mark Carney to head Bank of England

Monday, Nov 26, 2012 - 01:56

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