Mark Carney, the former head of Canada’s central bank and the first non-Brit to run the Bank of England since its founding in 1694, announced his entry into the race for Canada’s next prime minister on Thursday.
This follows the resignation of current Prime Minister Justin Trudeau, who will remain in office until a new Liberal Party leader is chosen on March 9. As per earlier report, approximately 30 Liberal MPs already pledged to back his campaign, signalling a strong base of early endorsements.
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Carney, a highly educated economist with Wall Street experience, is widely credited with helping Canada avoid the worst of the 2008 financial crisis and assisting the United Kingdom in managing Brexit during his 7-year tenure as governor of the Bank of England.
Speaking in Edmonton, Alberta, Carney criticized Trudeau, stating, “The prime minister and his team let their attention on the economy wander too often. I won’t lose focus.”
The front-runners for the Liberal Party leadership are Carney and ex-finance minister Chrystia Freeland, whose sudden resignation last month led to Trudeau’s exit. The next Liberal leader could be the shortest-tenured prime minister in Canadian history, as all three opposition parties have pledged to bring down the Liberals’ minority government in a no-confidence vote after parliament resumes on March 24. An election is expected this spring.
Carney acknowledged that the Liberals are “well behind” but expressed confidence in winning the general election. He also attacked opposition Conservative Leader Pierre Poilievre, who holds a significant lead over the Liberals in polls.
Carney also acknowledged the threats posed by President-elect Donald Trump, who has suggested that Canada should become the 51st state and has threatened to impose 25% tariffs on all Canadian goods. “This is no time for life-long politicians such as Pierre Poilievre,” he said. “Sending Pierre Poilievre to negotiate with Donald Trump is the worst possible idea.”
The opposition Conservative party quickly released a digital ad branding Carney as “carbon tax Carney,” referencing his support for carbon pricing policies. Poilievre has made removing the carbon tax a major part of his campaign.
Carney stated that if the carbon tax is removed, it should be replaced with a measure that is “at least if not more effective” in reducing greenhouse gas emissions while making Canadian companies more competitive and creating jobs.
An official close to Freeland, speaking anonymously, was quoted by the Associated Press saying, she would scrap the consumer carbon tax and instead make big polluters pay.
Carney, who grew up in Edmonton, has been involved in managing multiple crises and is credited with saving two economies. “I know how business works, and I know how to make it work for you,” he said.
