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.