Media playback is unsupported on your device

Osborne names Mark Carney as new Bank of England governor

26 November 2012 Last updated at 16:38 GMT

The governor of the Bank of Canada, Mark Carney, has been named as the next governor of the Bank of England.

Mr Carney will take over the role from Sir Mervyn King on July 1 2013. He has already announced that he intends to hold the post for five years, rather than the full eight year term, and will hold new regulatory powers over banks.

Making the announcement, Chancellor George Osborne described Mr Carney as "the outstanding central banker of his generation" and "quite simply the best, most experienced and most qualified person in the world" for the post.