The current governor of the Bank of Canada will take the reins from Mervyn King as leader of the Bank of England.
Mark Carney (pictured), who previously served at Goldman Sachs, pipped Paul Tucker to the prized role and his appointment came as a shock given the weekend's speculation about Tucker's supposed appointment.
Fuelling this, the announcement about King's appointment was also brought forward. George Osborne, the chancellor, was due to unveil the next governor when he gave his Autumn Statement on December 5. Earlier today it was posted on Twitter that the chancellor planned to name King's successor sooner.
'My responsibility was to get the best for Britain and with Mark Carney we have that,' said Osborne, as he addressed parliament with the news.
King will serve as Bank governor until 30 June, by which time the Bank will have started in his role at the City regulator, taking over from the Financial Services Authority (FSA) alongside the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).