27 Nov 2012

Canadian named as Bank of England governor

1:38 pm on 27 November 2012

Canadian Mark Carney has been named as new governor of the Bank of England, one of the most influential jobs in the world of finance.

Mr Carney, the governor of the Canadian central bank, will serve for five years and will hold new regulatory powers over banks.

He was a surprise choice for the head of the UK's central bank and had previously ruled himself out.

Current governor Sir Mervyn King steps down from the post next June.

Sir Mervyn said Mr Carney represented "a new generation of leadership for the Bank of England, and is an outstanding choice to succeed me".