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27th November 2012

Carney named as new Bank of England governor

Mark Carney, currently governor of the Bank of Canada has been appointed the next governor of the Bank of England. He has played a significant international role and has been chosen to chair the Financial Stability Board, one of the top global committees to be formed in the wake of the banking crisis. The appointment term is for a five year period and is usually renewed for a further five years.

Carney spent 13 years of his early career with Goldman Sachs working in London and New York as well as Toronto. He also spent four years as Senior Associate Deputy Minister of Finance. He had qualifications from both Harvard and Oxford universities. Carney has stated he will apply for British citizenship and is married to a Brit.

Charles Bean has been reappointed as Deputy Governor of the Bank of England, however is to stay for a period of one year only, "to help oversee the extension of the Bank of England’s responsibilities and the transition to the new Governor."

Bean asked to stand down on 30 June 2014.

Carney is said to have turned down the role when initially approached. Most of the media were confidently predicting that Paul Tucker, currently BoE deputy governor would be appointed. The appointment of Carney, allows the entrance of someone with central bank, political and practical banking experience, and yet without any baggage from the banking crisis, and also of someone with significant international standing.

At the same time he is not someone to be quietly controlled by the politicians. He was described as 'un-Canadian' on one occasion due to his confrontational style. He is known for being reluctant to back down once he has made a decision on something and is not the type to attempt to quietly build consensus on something.