Mark Carney, the former governor of the Bank of England, has joined the race to succeed Justin Trudeau as leader of Canada’s ruling Liberal Party.
His announcement comes just over a week after Trudeau resigned amid dismal polling and growing discontent among his own MPs, ending a nine-year tenure at the helm of Canadian politics.
Carney, 59, will enter the Liberal leadership race on March 9, with a general election to follow shortly afterwards. The Liberals, who have been in power since 2015, are widely expected to lose as the Canadian Conservatives – led by populist Pierre Poilievre – hold a substantial lead in the polls.
“I’m doing this because Canada is the best country in the world, but it can be even better,” Carney said in his hometown of Edmonton, Alberta. He identified the country’s most pressing problems, including stagnant wages, the climate crisis, rising housing prices and the threat of a new tariff war with former US President Donald Trump.
Carney is likely to highlight his financial reputation, having overseen both the Bank of Canada and the Bank of England, the only person to have headed two G7 central banks. “I’m here to earn your trust,” he said. “I am here to ask for your support.”
Carney’s main challenger in the leadership battle appears to be Chrystia Freeland, 56, the former finance minister whose recent resignation over disagreements with Trudeau hastened his own departure. Once the new party leader is chosen in March, a confidence vote is expected to lead to a general election later this year.
Poilievre, 45, leads the Conservative Party and is heavily favored to become Canada’s next prime minister. His pledge to rein in the national budget, tackle crime and abolish the carbon tax has resonated with disenchanted voters. He has dismissed Carney in the past as “the ultimate liberal insider” and “Just like Justin.”