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Mark Carney named as Bank of England governor

by Alex Steger on Nov 26, 2012 at 15:33

Mark Carney named as Bank of England governor

Mark Carney has been named as the new governor of the Bank of England, succeeding Mervyn King.

Chancellor George Osborne announced Carney's appointment in parliament today.

Carney (pictured) is currently the governor of the Bank of Canada and chairman of the Financial Stability Board. He has previously worked at Goldman Sachs and the Canadian Department of Finance.

He will serve a fixed term of eight years and will hold new regulatory powers over banks.

His appointment came as a surprise with bookmakers having refused to take any more bets on the Bank’s current deputy governor Paul Tucker being named as King’s successor.

Carney also beat Financial Services Authority chairman Adair Turner and John Vickers, who led the government's recent review into breaking up the banks, to the Bank of England’s top job.

14 comments so far. Why not have your say?

wildbill

Nov 26, 2012 at 16:06

hopefully a good pick aka no allegiuence to the UK old boys club!!

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Compliance Bloke

Nov 26, 2012 at 16:08

A Canadian? At least he'll be able to say "sorry" when it all goes pear-shaped.

Good luck Mr Carney.

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Anitaki

Nov 26, 2012 at 16:11

So Adair Turner wanted the job and didn't get it? Wow, that's a kick in the nuts for the FSA and the would-be passengers on the next gravy train.

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Welshman

Nov 26, 2012 at 16:22

At least Adair Turner didnt get it. Maybe the chancellor thinks like we do ....anybody with any history in the FSA is tainted on account of the FSA's failure in just about everything it has ever touched.

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Hickky

Nov 26, 2012 at 16:26

Good move George! None of the self serving aparatchicks on the BoE. Bye Bye Turner, Fairwell Gus McDonald, Adios John Vickers. All you who fiddled whilst Rome burnt down and got paid much dinero for silly reports that further cocked up society. Being part of the UK civil service should be a minus mark on a CV, and now it seems it is!

Lets hope Mark Carney will hammer down on the regulators so they weed out corruption and poor practice rather than nit pick their way to oblivion. Lets hope his financial acumen is sharper than ex LSE professors, then lets hope he has sufficient muscle to stand up to some of the excesses of parliament.

Quite a job you are taking on Mark, I guess for a reasonable pay packet, but at the moment, I wish you well!

Might change my mind though if you are not up to it all!

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l'ifa passeport en provenance de France

Nov 26, 2012 at 16:27

No banks bailed out in Canada ! Welcome to the UK Mr Carney

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Barman

Nov 26, 2012 at 16:35

I think Lord Turner would have made a very good guvn'r, but I also think Mr Carney will be a solidappointment. An 8 Year term is a long time though...

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Parisian

Nov 26, 2012 at 16:42

Delighted the job has gone to an outsider but wonder for how long he will be able to keep that perfect smile!

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John Smyth 3

Nov 26, 2012 at 16:45

Seems like a good appointment but isn't it a shame and disgrace that we have to import somone from overseas. Can we not do anything ourselves?

Footballers, cricketers, rugby players, car manufacturers, steel manufacturers, chocolate manufacturers, Nest. The list is endless.

It looks like we are admitting to being useless at most things except creating Quangos, new political offices (PCCs) and public enquiries.

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Parisian

Nov 26, 2012 at 16:46

Congratulations Mr Osborne for giving the job to an outsider. Congratulations to Mr Carney for getting the job!-not a job many would relish.! I wonder how long that perfect smile will last?

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Anitaki

Nov 26, 2012 at 16:47

Canadian banks work in a different (way)

I foresee conflicts and clashes of personality as the old guard gang up against him.

I would be surprised if he lasted the full 8 years, They will exasperate him and make his life untenable, - he won't "fit in", - - "they" will see to it,

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l'ifa passeport en provenance de France

Nov 26, 2012 at 16:57

Anitaki

nar! the old guard will go to the far east! a new era me thinks

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The Party's Over

Nov 26, 2012 at 17:32

Good appointment with a better CV and successful track record than any of the other candidates.

His CV lists proper jobs in both the private and public sector; and his track record is based on success, not one disaster after the other.

At last, someone has been chosen who is not a straight out of university idealogue, a political sychophant and a public sector leech like so many of our current leaders.

And it should be remembered that like so many in our multi-cultural society, he doesn't need to be British although he is married to an English woman and has lived in the country for some time.

Hopefully he can bring some of that 'boring' common sense approach from Canada, a country which pared back their unsustainable welfare state and public sector, cleared their debt, saw the banking car crash coming and avoided it. At the same time, Canada turned in 3% growth last year.

Long may all our politicians be replaced by sensible and boring overseas leaders who are paid to serve the UK and not themselves.

Hopefully the next change will be our lightweight political class of all colours and hues who hold back our country so much and all because of their own self-interest.

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John D

Nov 26, 2012 at 20:21

I believe his appointment is for 5 years - not 8 as had been expected.

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