Mark Carney considers run to replace Canada’s PM Justin Trudeau

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Mark Carney, the former governor of the Bank of England and the Bank of Canada, is considering running for leadership of Canada’s Liberal party after prime minister Justin Trudeau’s resignation this week.

Speculation about Carney seeking Canada’s top political job has intensified in recent months as Trudeau’s government floundered in the polls over its policies on immigration, the cost of living and housing affordability.

“I’ll be considering this decision closely with my family over the coming days,” Carney said in a statement provided to the Financial Times.

Trudeau announced his resignation on Monday after almost a decade in power following mounting calls to step aside, including from within his own party.

Canada’s parliament is suspended until March 24 and any new party leader is expected to face a vote of no confidence that may lead to national elections.

Carney, 59, is chair of Brookfield Asset Management, the Canadian alternative asset manager with close to $1tn in assets under management. He previously served as governor of the Canadian central bank from 2008-2013 and of the Bank of England from 2013-2020. He is also chair of the board of Bloomberg and UN Special Envoy for Climate Action and Finance.

Carney has remained a top adviser to Trudeau’s government, and in September the Liberal party announced he would lead a task force on economic growth.

 “Throughout his extensive career both in public service and the private sector, Mark Carney’s ideas, deep experience, and proven economic leadership have made a bedrock contribution to a better economic future for all Canadians,” Trudeau said at the time.

Conservative party leader Pierre Poilievre, who has consistently led Trudeau in the polls by 20 points, has labelled the former central banker “carbon tax Carney”, a reference to Trudeau’s controversial carbon levy. 

In July, an Abacus Data poll found only 7 per cent of Canadians surveyed recognised Carney’s picture. More recently, a poll by the Angus Reid Institute on Friday found that 11 per cent named Carney as their preferred candidate to replace Trudeau.

The poll found that Chrystia Freeland, whose resignation as finance minister last month spurred calls for Trudeau to step down, was the most likely among six potential candidates to increase the party’s vote share in the next election.