Canadian Markets closed

Mark Carney named governor of Bank of England

Jennifer Kwan

Bank of Canada Governor Mark Carney has been named the new boss of England's central bank.

The announcement by Britain's Chancellor of the Exchequer George Osborne was delivered to Parliament on Monday and it was viewed as representing a big break from U.K. tradition, which has normally picked members of the British establishment to be governor, according to media reports.  Carney himself had repeatedly ruled himself out over the past several months when asked by reporters if he would consider the job.

Carney will serve a five-year term starting July 1, 2013, the Bank of Canada said in a statement.

"I am honoured to accept this important and demanding role, and to succeed Sir Mervyn King with whom I have worked closely over these past five years and from whom I learned so much," Carney said in a statement.

Carney will remain chair of the Financial Stability Board, a global body that monitors and makes recommendations about the financial system.