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UK Picks Canadian To Lead Bank Of England
Published: Wednesday | November 28, 2012 0 Comments
The British government has chosen Mark Carney, a Canadian, to become governor of the Bank of England, the first time a foreigner has been tapped for the position since the central bank was founded in 1694.
Treasury chief George Osborne announced the surprise choice to the House of Commons on Monday, saying Carney - who is currently the head of Canada's central bank - would apply for British citizenship.
"Mark Carney is the outstanding candidate to be governor of the Bank of England and help steer Britain through these difficult economic times," Osborne said.
"He is quite simply the best, most experienced and most qualified person in the world to do the job."
Besides his job as a central banker, Carney is also head of the G-20's Financial Stability Board, a global supervisor, and spent 13 years at Goldman Sachs. He had been speculated as a possible choice but was not considered a front-runner.
"I'm honoured to accept this important and demanding role," said Carney at a news conference in Ottawa.
"It's a decisive period for reform of the global financial system, including its leading financial centre, the City of London. And it's a crucial point in the Bank of England's history as it accepts vital new responsibilities."
Carney starts his new job on July 1, 2013.
Carney will succeed the current governor, Mervyn King, when his term ends next year.
As well as chairing the committee which sets the UK's main interest rate, the governor will be given the new responsibility of supervising the country's banking industry.
Carney told Osborne that he will only serve five years of the usual eight-year term.
Ed Balls, economic spokesman for the opposition Labour Party in the House of Commons, said Carney "has a track record of handling tough and complex challenges" and is "a good choice".
Carney, 47, was appointed to a seven-year term as governor of the Bank of Canada in February 2008. He will step down on June 1, 2013.
- AP
Published: Wednesday | November 28, 2012 0 Comments
The British government has chosen Mark Carney, a Canadian, to become governor of the Bank of England, the first time a foreigner has been tapped for the position since the central bank was founded in 1694.
Treasury chief George Osborne announced the surprise choice to the House of Commons on Monday, saying Carney - who is currently the head of Canada's central bank - would apply for British citizenship.
"Mark Carney is the outstanding candidate to be governor of the Bank of England and help steer Britain through these difficult economic times," Osborne said.
"He is quite simply the best, most experienced and most qualified person in the world to do the job."
Besides his job as a central banker, Carney is also head of the G-20's Financial Stability Board, a global supervisor, and spent 13 years at Goldman Sachs. He had been speculated as a possible choice but was not considered a front-runner.
"I'm honoured to accept this important and demanding role," said Carney at a news conference in Ottawa.
"It's a decisive period for reform of the global financial system, including its leading financial centre, the City of London. And it's a crucial point in the Bank of England's history as it accepts vital new responsibilities."
Carney starts his new job on July 1, 2013.
Carney will succeed the current governor, Mervyn King, when his term ends next year.
As well as chairing the committee which sets the UK's main interest rate, the governor will be given the new responsibility of supervising the country's banking industry.
Carney told Osborne that he will only serve five years of the usual eight-year term.
Ed Balls, economic spokesman for the opposition Labour Party in the House of Commons, said Carney "has a track record of handling tough and complex challenges" and is "a good choice".
Carney, 47, was appointed to a seven-year term as governor of the Bank of Canada in February 2008. He will step down on June 1, 2013.
- AP
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