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Surprise choice for new Bank of England Governor…

In a surprise announcement by the Chancellor of the Exchequer, George Osborne, Mr. Mark Carney has been named as the new Governor of the Bank of England.

He will be taking over from Sir Mervyn King in June 2013. His tenure will be for a period five years, at a salary of over £600,000 a year. Mr Carney is 47 years old and has both strong academic and business credentials. Educated at Harvard and Oxford, he is currently the Governor of the Bank of Canada where he has been in place for the last 5 years, successfully steering the Canadian economy through the recent global financial crisis. He is also the Chairman of the global Financial Stability Board.

Prior to that he spent 13 years with the investment bank Goldman Sachs and boasts close links to the UK, having a British born wife, with his two children holding joint Canadian and UK citizenship.

Sir Mervyn King said of the appointment that he represented: “a new generation of leadership for the Bank of England, and is an outstanding choice to succeed me.” Given that the position of Governor is one of the most crucial positions to manage the UK economy, Mr Osborne reporting to Parliament said that he would bring the: “strong leadership and external experience the Bank needs”

He went on to add that Mr Carney was recognised as “the outstanding central banker of his generation” and that as Governor of the Bank of Canada he was “acknowledged to have weathered the economic storm better than any other major Western economy.” In acceptance of his new role, Mr Carney said he was: “honoured to accept this important and demanding role” at a “critical time for the British, European and global economies.”

This is part of our monthly economic review is intended to provide background to recent developments in investment markets as well as to give an indication of how some key issues could impact in the future. It is not intended that individual investment decisions should be taken based on this information; we are always ready to discuss your individual requirements.

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