Mark Carney has officially taken office as Canada’s 24th prime minister. Carney takes office at a tense moment in Canada-US relations, with US President Donald Trump imposing heavy tariffs and threatening more economic measures. The former Bank of Canada and Bank of England governor was sworn in on Friday, just days after the Liberal Party overwhelmingly elected him to replace Justin Trudeau.
Mike Carney appointed a 24-member cabinet, with François-Philippe Champagne as finance minister, Dominic LeBlanc handling international trade, and Mélanie Joly remaining foreign minister. His government is expected to be short-lived, as an election is anticipated within weeks.
Here is a look at Canada’s new Prime Minister’s education, career, and family.
Mark Carney was born on March 16, 1965, in Fort Smith, Northwest Territories, Canada. He later moved to Edmonton, Alberta, where he completed his early education. Carney pursued higher education at Harvard University, earning a bachelor’s degree in Economics. He later attended the University of Oxford, where he obtained a master’s and doctorate in Economics from St. Peter’s College and Nuffield College.
Career in finance and public service
Carney began his professional career in investment banking, spending over a decade at Goldman Sachs, where he gained experience in international financial markets. His transition into public service began when he joined the Bank of Canada as Deputy Governor in 2003. In 2008, he was appointed Governor of the Bank of Canada, where he played a pivotal role in steering Canada’s economy through the global financial crisis.
In 2013, Carney became the first non-British Governor of the Bank of England, a role he held until 2020. His tenure was marked by his leadership in stabilising the UK economy post-Brexit and implementing policies to ensure financial resilience.
Political career and rise to Prime Minister
After leaving the Bank of England, Carney turned his focus to climate change and economic policy, serving as the UN Special Envoy on Climate Action and Finance. He also played an advisory role in Canada’s Liberal Party, influencing economic strategies under former Prime Minister Justin Trudeau.
In 2024, Carney was elected as the leader of the Liberal Party, succeeding Trudeau. His campaign focused on economic diversification, trade partnerships, and rebuilding international relationships, particularly with India. His victory in the general election positioned him as Canada’s Prime Minister, marking a shift toward economic pragmatism and global engagement.
Personal life
Carney met his wife, Diana Fox, a British economist specializing in developing nations, while studying at the University of Oxford. She is active in various environmental and social justice causes. The couple married in July 1994 while he was finishing his doctoral thesis. They have four children and lived in Toronto before moving to the Rockcliffe Park neighborhood of Ottawa and then relocating to London in 2013. They returned to Ottawa when Carney left his role at the Bank of England in 2020.
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