You are here: Home - Investing -

Canadian Mark Carney to head-up the Bank of England

0
Written by:
26/11/2012
Canadian Central Bank Chief, Mark Carney is to be the next Governor of the Bank of England.
Canadian Mark Carney to head-up the Bank of England

Canada’s Mark Carney is to be the next Governor of the Bank of England.

Carney’s appointment has a come as a surprise to many, as he was rumoured to be out of the running despite having strong backers.

Current deputy governor Paul Tucker was widely thought to be the successor to current boss – Sir Mervyn King.

Carney will start from 1 July 2013.

Sir Mervyn King, said: “I am delighted to welcome Mark Carney as my successor.

He represents a new generation of leadership for the Bank of England, and is an outstanding choice to succeed me.

Since Mark became Governor of the Bank of Canada, I have worked closely with him and admired his contributions to the world of central banking, in which he is widely respected.”

According to the treasury, Canadian-born Carney, 47, will be required to take on British citizenship to serve as governor for five year.

Carney is the first non-British citizen appointed as governor since the Bank’s inception in 1694.

Carney is also the first governor in the Bank’s history to be appointed after an open recruitment process.

In a statement, Carney said he takes the role at a critical time for the UK economy. “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.”

Adrian Coles, director-general of the Building Societies Association said: “Mark Carney is something of an unknown quantity in the UK, but he does come armed with one crucial credential – the Canadian economy – which has performed better than many.

“He becomes Governor at a time of unprecedented power and responsibility for the Bank of England, which in the future will have an even greater influence over the UK economy than it does today. I wish him well.”

 

 

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2227336-housevalue
Pensioners own property worth well over £750bn

Retired homeowners have total property wealth owned outright of £756.36bn, according to new research from equity release adviser Key Retirement...

Close