Meet Mark Carney, Canada's New Prime Minister

Then Governor of the Bank of Canada Mark Carney at the World Economic Forum.

Mark Carney has officially taken the helm of Canada’s Liberal Party, succeeding Justin Trudeau, as the country heads toward a highly anticipated general election. Carney, a former central banker with a strong international reputation, now faces the challenge of leading the Liberals against Pierre Poilievre’s Conservative Party in what is expected to be a closely contested race.

Carney spent 13 years working at Goldman Sachs juggling various roles, but is best known for his tenure as Governor of the Bank of Canada (2008-2013) and later as Governor of the Bank of England (2013-2020). His leadership during the 2008 financial crisis and the Brexit transition earned him recognition. Since stepping down from the Bank of England, Carney has been involved in climate finance initiatives and has advised on economic policy. His transition to Canadian politics was widely expected, given his endorsement of Catherine McKenney for mayor of Ottawa in the 2022 mayoral election, and his role in being part of the task force responsible for the creation of a British National Wealth Fund (following a Labour win in the 2024 election). 

After taking office, Carney moved quickly to restructure the Liberal cabinet, prioritising economic stability, trade policy, and climate initiatives. Notably, he repealed Trudeau’s carbon tax. His cabinet includes Mélanie Joly (returning as Foreign Minister from Trudeau), François-Philippe Champagne (new Finance Minister, served other ministerial roles under Trudeau), and Chrystia Freeland (new Transport and Internal Trade Minister, ran against Carney for the leadership position).

Carney’s primary rival is Pierre Poilievre, leader of the Conservative Party, who has positioned himself as a champion of lower taxes, smaller government, and reduced bureaucracy. Recent polls suggest that the two candidates are neck-and-neck, with the economy and cost-of-living concerns dominating both campaigns alike.

One of the most pressing issues for Carney’s administration is managing relations with the US, particularly in light of President Donald Trump’s recent imposition of tariffs on Canadian exports. Carney has strongly condemned the tariffs and pledged a firm response. He has also sought to strengthen trade relations with European allies to the end of reducing Canada’s economic dependence on the superpower.

With the general election set to take place in the coming months, Carney’s leadership will be tested as he attempts to consolidate Liberal support and appeal to undecided voters. His economic expertise may provide credibility, but his ability to connect with the public and counter Poilievre’s populist messaging will be key to securing victory. 

The coming weeks will determine whether Carney’s vision for Canada can gain traction or if the Conservatives will capitalise on economic frustrations to unseat the Liberals.

---

To receive more stories like this right in your inbox every week, subscribe below:

Subscribe