Some big financial and politics news today from Young Academic. Mark Carney, current Governor of the Canadian Central Bank, has today been announced as the next governor of the Bank of England. He takes over from Sir Mervyn King – who has been in charge of the Bank of England for ten years and finishes his second term next year. King has had to endure some of the worst financial conditions of modern times and will leave the post with the thanks of the House of Commons for all of his hard work.
1st July 2013 will officially be Carney’s first day in this very important job – giving plenty of time for a smooth and successful transition.
Carney would like to appear before the select committee before he is formally elected in order to answer questions as to how he will approach the role and how he can succeed in it.
Mr Carney is Canadian and is such not currently a British citizen although his wife is British – he will apply for citizenship in the correct and proper way with no favours.
Current governor’s salary and pension will be in line if not lower than other senior regulators.
Carney will take over next year and intends to assume the role until at least June 2018 but is expected to serve a full term of eight years.
Chancellor of the Exchequer George Osborne made the announcement today in the House of Commons amid suggestions that the job may have been given to the likes of Lord Adair Turner. For the first time, the job was advertised and many bankers and professionals from the industry were invited to apply. The Queen of England approved the decision today.
Mark Carney is a quality banker with unparalleled talent in the industry and it is hoped that this will help to take Britain out of recession.