Unlock Editor’s Digest for free
Roula Khalaf, editor of the FT, picks her favorite stories in this weekly newsletter.
Mark Carney, the former governor of the Bank of England, has launched his campaign to become Canada’s prime minister, touting his financial expertise in a country where voters remain angry at the way outgoing Prime Minister Justin Trudeau is handling the economy.
Carney told a crowd in Edmonton, Alberta, on Thursday that he was making his offer during “extraordinary times,” apparently referring to U.S. President-elect Donald Trump’s threat to impose tariffs on Canadian exports.
Carney, who also ran Canadacentral banker before moving to London in 2013, he said he would make the country’s economy the strongest in the G7, admitting that growth was too slow, wages too low and groceries too expensive under Trudeau, a fellow Liberal.
“I’m going to be incredibly focused on getting our economy back on track,” Carney said in the western Canadian province. “I’m here to ask for your support, I’m here to fight that fight.”
The Liberal candidate, most recently chairman of Brookfield Asset Management, tried to portray himself as an outsider, in contrast to Pierre Poilievre, a conservative leader and long-career politician who has built a large lead in national polls.
“I’m not the usual suspect when it comes to politics, but this is no time for politics as usual,” Carney said.
His announcement ended months of speculation about whether the former central banker would try to replace Trudeau, who announced that he stepping down as leader of the Liberals January 6, after months of internal party conflict and a sharp drop in poll numbers.
Chrystia Freeland, whose resignation as Trudeau’s finance minister last month triggered a Liberal leadership crisis, is expected to announce her own candidacy. “I’ll have more to say soon,” she posted on X on Thursday. A person close to Freeland said she could launch her campaign in Toronto on Sunday.
Canada’s parliamentary system means that, as in the United Kingdom, the leader of the largest party in the House of Commons has the right to form a government and become prime minister.
If Carney wins the March 9 Liberal leadership election, he would become Canada’s next prime minister even though he is not an elected official. Unlike Freeland and Trudeau, he is not a Canadian MP. He would then lead the party into the federal elections which must be held on or before October 20.
But Trudeau’s Liberal successor could face an immediate vote of no confidence as prime minister when parliament resumes on March 24, triggering a snap election.
The power vacuum in Ottawa comes at a time of US-Canadian tensions ahead of Trump’s inauguration on Monday. The president-elect has repeatedly baited Trudeau in recent weeks, describing Canada as the US’s “51st state” and Trudeau as its “governor.”
Carney resigned as chairman of Toronto-based Brookfield, an asset manager with close to $1 billion under management. He led the Bank of Canada from 2008 to 2013 and the Bank of England from 2013 to 2020.
“We are sorry to see him go, but he does so to fulfill his deep sense of public service to Canada and we wish him the best in his new pursuit,” Brookfield CEO Bruce Flatt said in a statement Thursday.
Carney is also chairman of the Bloomberg board and UN special envoy for climate action and finance. Carney remained a top adviser to the Trudeau government.
Poilievre attacked the former central banker for backing Trudeau’s efforts to curb Canada’s greenhouse gas emissions with one of the most aggressive carbon taxes in the west. The move was highly unpopular in oil-rich Alberta, where Carney grew up.
“Carbon Tax Carney backed increase in NDP-Liberal tax on gas, heating and groceries, FOUR-HANDING it all the way to $0.61/L. Only. As. Justin,” Poilievre posted on X on Thursday.