The New Governor Of The Bank Of England Is Canadian

27 November 2012 - Which Way to Pay

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The New Governor Of The Bank Of England Is Canadian

The new Governor of the Bank of England is to be a Canadian. Mark Carney the current governor of the Canadian Central Bank will hold power over UK banks from next June when the current governor Mervyn King stands down. The position is one of the most influential and important in the UK and Sir Mervyn has stated that Mr Carney is “an outstanding choice to succeed me.”

The British can take faith in the knowledge that while Mark Carney has been at the helm of the Canadian Central Bank Canada has managed to deal with the financial crisis better than most western economies and his knowledge and skill is likely to be extremely valuable to the UK.

Mark Carney was said to be the favourite choice of George Osborne the British Chancellor of the Exchequer but he is widely considered to be the best man for the job. The Confederation of British Industry has stated that Mark Carney’s "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".

Mr Carney’s CV certainly demonstrates ability. He was educated at Harvard and Oxford after which he spent thirteen years with Goldman Sachs. Mr Carney’s wife Diana is British which will no doubt help his popularity. Mr Carney is expected to earn around £624,000 or CAD$994,376 a year for the next five years while he governor.

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