World

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Mark Carney

Canada’s top banker Mark Carney has been named the Bank of England’s new governor, becoming the first foreigner to lead the institution in its 318-year history.

In making the announcement Monday, Bank of England Chancellor George Osborne described Carney as “simply the best, most experienced and most qualified person in the world” to steer Britain’s families and business through the country’s mounting economic challenges.

Carney will continue in his role as Bank of Canada governor until June 1, 2013, Finance Minister Jim Flaherty confirmed during a news conference in Ottawa. His five-year term at the Bank of England begins July 1, 2013.