Sign up to BQ Breakfast to receive our daily news service:

Canadian gets the call

Tuesday 27 November 2012 6:00

Mark Carney was yesterday named as the new governor of the Bank of England by Chancellor George Osborne.

The current governor of the Canadian central bank will take up the post for the next five years and will assume new regulatory powers over banks.

His appointment came as a surprise given that he had previously ruled himself out of the running for the role.

The post is seen as one of the most important positions in the stewardship of the UK economy. Current governor Sir Mervyn King steps down from the post next June.

The British Chambers of Commerce said it hoped that the new governor would "focus relentlessly on supporting business growth across the UK - not just in the Square Mile".

The CBI said Mr Carney's "strong track record as the Canadian central bank governor and extensive experience in international financial regulation mean that he is well positioned to guide Britain through challenging economic times".