Former Bank of England governor Mark Carney is set to become Canada’s next prime minister, stepping into the role at a time of heightened economic uncertainty. A seasoned economist, Carney previously led the Bank of Canada through the 2008 financial crisis before moving to the UK to modernise the Bank of England. Now, he faces a major challenge in leading the country through a brewing trade conflict with the United States, sparked by President Donald Trump’s latest round of tariffs.

Despite his extensive economic experience, Carney has never held elected office. However, he convincingly won the race to replace outgoing Prime Minister Justin Trudeau, who stepped down amid falling approval ratings and internal party disputes. His leadership credentials stem not just from his banking career but also from his role in global economic governance. As chair of the Financial Stability Board from 2011 to 2018, he played a key role in coordinating international responses to Trump’s first term policies.

Carney has also been an outspoken advocate for tackling climate change, having served as a UN special envoy and spearheading major sustainability initiatives in the financial sector. His transition into politics, however, has not been without controversy. Critics, particularly from the Conservative opposition, have questioned his past role in corporate finance and urged him to disclose his financial interests.

With Canada’s next general election expected as soon as this month, Carney faces an immediate test in securing public confidence. His campaign has focused on his ability to manage crises and negotiate on the world stage - skills he will need as he navigates strained US-Canada relations and domestic economic challenges.