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Mark Carney becomes Bank of England Governor

Mark Carney becomes Bank of England Governor

Category: Banking

Updated: 01/07/2013
First Published: 01/07/2013

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The former head of the Bank of Canada, Mark Carney, made his debut today as the new Governor of the Bank of England (BoE).

Taking the reins from Sir Mervyn King after ten years at the top, Mr Carney, 48, will be primarily charged with bringing the UK economy out of financial uncertainty and raising interest rates.

Some industry experts have also predicted that the Government's total quantitative easing amount could be raised further by the end of this year.

News of Mr Carney's appointment last November initially came as a surprise to many economists who had expected the Bank's deputy governor, Paul Tucker, to step into Sir Mervyn's shoes.

The first non-British citizen to govern the Bank of England in its 319-year history and described as possessing 'star quality', Mr Carney will attend his first Monetary Policy Committee meeting this Thursday where base rate is forecast to remain at 0.50% for the 52nd consecutive month.

The new Governor is expected to remain in the position of central banker for five years, as opposed to the traditional eight year term, and will bring home an estimated annual salary of £480,000, £175,000 higher than Sir Mervyn.

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