Carney sets his sights on leadership as Canada faces election countdown

Mark Carney, the former governor of the Bank of England, has joined the contest to succeed Justin Trudeau as leader of Canada’s ruling Liberal Party.

His announcement comes just over a week after Trudeau stepped down, amid dismal polling and growing discontent from his own MPs, ending a nine-year tenure at the helm of Canadian politics.

Carney, 59, will stand in the Liberal leadership race on 9 March, with a general election to follow soon after. The Liberals, in power since 2015, are widely expected to lose, as Canada’s Conservatives — led by firebrand populist Pierre Poilievre — command a substantial lead in the polls.

“I’m doing this because Canada is the best country in the world, but it could still be even better,” Carney said in his hometown of Edmonton, Alberta. He identified the nation’s most pressing issues, including stagnant wages, the climate crisis, soaring house prices, and the threat of a fresh tariff war with former US president Donald Trump.

Carney is likely to underscore his finance credentials, having overseen both the Bank of Canada and the Bank of England, the only person to have led two G7 central banks. “I’m here to earn your trust,” he said. “I’m here to ask for your support.”

Carney’s chief challenger in the leadership contest appears to be Chrystia Freeland, 56, the former finance minister whose recent resignation over disagreements with Trudeau precipitated his own departure. Once the new party leader is chosen in March, a confidence vote is expected to trigger a general election later in the year.

Poilievre, 45, leads the Conservative Party and is heavily favoured to become Canada’s next prime minister. His pledge to rein in the national budget, crack down on crime, and eliminate carbon taxes has resonated with disenchanted voters. He dismissed Carney in the past as “the ultimate liberal insider” and “Just like Justin”.

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Carney sets his sights on leadership as Canada faces election countdown