Former Bank of England governor Mark Carney has said he is ‘considering’ entering the race to replace outgoing Canadian prime minister Justin Trudeau as leader of the Liberal party.
Goldman Sachs-trained Carney was appointed the first non-Briton governor of the Bank of England in its 300-year history in 2013 after leading the Bank of Canada for six years. Despite not having a political background, he has worked as an adviser to the Trudeau administration.
Trudeau announced on Monday he would be stepping down as leader of the Liberals after a slump in opinion polls. He will stay in the position until a replacement is found.
[See also: Trade wars, inflation and equity concentration: The key risks for investors in 2025]
Following Trudeau’s announcement, Carney — who now leads an asset management firm — told the Financial Times: ‘I’ll be considering this decision closely with my family over the coming days.’
The Liberal party are on a tight deadline to find a new leader. Canada’s parliament has been prorogued until 24 March with political experts predicting a spring general election.
Steering global economies
Once the most powerful unelected man in the UK, Carney has played a pivotal role in shaping monetary policy, steering economies through crises and championing sustainable finance.
Content from our partners
He studied economics at Harvard University before earning a doctorate from Oxford University. His early career took him to Goldman Sachs, where he worked on emerging markets and sovereign risk.
As governor of the Bank of Canada, Carney was credited with helping Canada emerge from the 2008 financial crisis more smoothly than many other developed nations. His leadership earned him a global reputation for pragmatism and financial acumen. The fallout from the Brexit vote in 2016 tested Carney during his tenure at the Lady of Threadneedle Street, and while he was praised by many for averting a worse crisis, he was criticised by Leave MPs and media.
Beyond monetary policy, Carney has been a leading advocate for sustainable finance. As the UN Special Envoy for Climate Action and Finance, he has worked to align global financial institutions with climate goals. In 2020, Carney joined Brookfield Asset Management, spearheading its ESG (Environmental, Social, and Governance) initiatives. He recently called the goal of net zero ‘the greatest commercial opportunity of our time’.
